The post BCH tops gainers after 20% rally, analysts expect more upside appeared on BitcoinEthereumNews.com.

BCH jumped over 20% on Nov. 20, leading the top 100 cryptos, as analysts point to bullish chart patterns hinting at more gains. Bitcoin Cash’s (BCH) rally has extended its fortnightly gains to over 41%, with the altcoin trading at a 7-month high of $529 at the time of writing. The crypto asset’s price rally was accompanied by a surge in daily trading volume, which had doubled from the previous day and was hovering around $1.48 billion. Despite the recent price rise, the token remains down 86% from its all-time high of $3,785.8, reached on Dec. 20, 2017. Bitcoin Cash, created in 2017 as a hard fork of Bitcoin to address scalability challenges in the flagship crypto asset, has historically followed in the footsteps of its predecessor.  A key difference between the two assets is the block size; Bitcoin Cash supports blocks of up to 32 MB, significantly larger than Bitcoin’s 1 MB limit. This larger block size enables Bitcoin Cash to process a greater number of transactions within the same time frame. BCH’s recent rally coincided with Bitcoin rising over 4.5% in the last 24 hours, reaching an all-time high of over $97,500 before cooling back to $97,093 at the time of writing.  The crypto community’s hype surrounding the crypto king potentially breaking the $100K mark in the coming days has further boosted positive sentiment around Bitcoin Cash, driving a $178 million increase in its market cap over the past 24 hours. Meanwhile, interest in Bitcoin has spiked following President Donald Trump’s announcement about major initiatives involving digital assets, including a proposal for a national Bitcoin reserve in the U.S. and a promise to position the United States as the “crypto capital of the planet.” Periods of significant interest in Bitcoin have often spilled over into BCH and other…

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Filed under: News - @ November 21, 2024 9:27 am