2023-06-27 08:00:00
The price of Bitcoin Cash has been soaring for a week
With the slight renewed energy in the cryptocurrency market around Bitcoin (BTC) exchange-traded funds (ETFs) news, some assets stand out more than others. This is particularly the case of Bitcoin Cash (BCH)which recorded no less than 112% increase over one weekwhen writing these lines:
Bitcoin Cash price
By way of comparison, over the same period, BTC saw its price increase “only” by 14%, yet it is he who is at the center of the news.
Indeed, it is curious to note that there has not been any particularly notable news lately, which could on its own justify the surge in BCH.
However, the launch of the EDX Market platform for institutional traders may be a food for thought, where the asset is present there alongside BTC, ETH and LTC, But then again, that’s not a good enough reason..
If this news can indeed bring liquidity to the market, it is a question of putting the elements into perspective. And for good reason, ETH saw its price appreciate by 9% over one week, while Litecoin’s LTC recorded nearly 16%.
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A rise explained by its name?
Another possible justification for the rise of Bitcoin Cash could also be found in its name: the presence of the name “Bitcoin”.
Indeed, unsophisticated investors could get confused thinking that with BTC at over $30,000 and BCH at around $220, this price could be a bargain. It would be enough for the asset to “catch up”, or at least partially, to generate a profit. Of course, such thinking is nonsense in terms of investment strategybut it is a bias in which it is easy to fall into for lack of knowledge.
Moreover, BCH has continued to lose ground against BTC since the 2017 fork, as noted by some members of the Bitcoin community:
Since last week, other Bitcoin forks have also seen their price soaralbeit to a more limited extent.
On his side, Bitcoin SV (BSV) climbed almost 50%, and Bitcoin Gold (BTG) 20%. While it may be tempting to let oneself be carried away by the fear of missing out (FOMO) during such movements, you should remain cautious and not take more risks than necessary with regard to your investment plan.
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Source : TradingView
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