As a seasoned researcher with extensive experience in the cryptocurrency market, I find the recent price surge of Bitcoin Cash (BCH) both intriguing and significant. Having closely followed the developments surrounding Mt. Gox’s creditor repayments, I believe that this event is playing a crucial role in driving BCH’s growth.
Bitcoin Cash (BCH), a prominent offshoot of the original Bitcoin (BTC) blockchain, has experienced significant progress in the past 24 hours and is currently aiming for a new milestone at $400. The digital currency has gained approximately 7% and is presently valued at $375.40 as of this moment. Following a downturn to $348, BCH has bounced back with renewed vigor.
At present, the significant increase in value for BCH occurs concurrently with Mt. Gox, a defunct cryptocurrency trading platform, initiating creditor compensation. Noteworthy is that this exchange held approximately $14.3 billion in Bitcoin and Bitcoin Cash, together with some fiat currency, intended for the reimbursement of Mt. Gox’s creditors. According to Arkham Intelligence, the current balance of the exchange comprises 80,000 BTC, equivalent to roughly $5.9 billion.
On social media platform X (formerly named X), creditors announced that they had begun receiving repayments in Bitcoin (BTC) and Bitcoin Cash (BCH). The crypto community assumed that these repayments would significantly impact the value of both cryptocurrencies, as recipients were expected to sell their digital assets promptly to maximize profits. However, this scenario does not appear to have materialized.
Recently, Mt. Gox transferred approximately $3.05 billion worth of Bitcoin (BTC) and $53 million worth of Bitcoin Cash (BCH) to major crypto exchanges such as Kraken, Bitstamp, and BitGo. This transfer began on July 25, leading to a minor dip in Bitcoin’s price followed by a significant increase of over 5%. Consequently, Bitcoin reached and surpassed the $67,000 mark.
Significantly, Mount Gox has a large number of approximately 200,000 creditors who anticipate receiving over $9 billion during the compensation procedure.
BCH Price Action
The trading activity for Bitcoin Cash increased by 11.28%, reaching a volume of $257 million. With a market capitalization of $7.4 billion, Bitcoin Cash ranks as the sixteenth most valuable digital asset. Over the past week, its value has risen by approximately 1%. However, its growth over the past month has been minimal at only 0.05%.
Starting in early July, BCH experienced a significant increase in value from around $290 up to reaching over $400 at one point. Yet, the bullish momentum could not be maintained. According to the daily chart on TradingView, there are indications of a potential upcoming surge for BCH.
The Relative Strength Index (RSI) registers a reading of 49, suggesting that bears and bulls are nearly balanced in their influence on the Bitcoin Cash market. However, the upward slope of the RSI line implies that buyers could potentially gain more control, leading to price increases. Nevertheless, for significant price escalation, Bitcoin Cash must exhibit trading volumes comparable to those seen during March.
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2024-07-26 15:45