Bitcoin Cash (BCH) Investors Profitable for the First Time Since Mid-June
Bitcoin Cash crossed the $200 mark again after two weeks.
Investors gained a notable profit with this sudden surge for the first time in 10 weeks.
The Bitcoin Cash (BCH) price has experienced ups and downs over the past few weeks. After staying below the $180 mark for two weeks, BCH has surpassed the $200 range. According to the Santiment report, short- and long-term investors gained a notable profit with this sudden surge for the first time in 10 weeks.
#BitcoinCash enjoyed a healthy price rebound, currently back at $214 after being as low as $180 just 2 weeks ago. Short & long term traders are both in profit for the first time since mid-June, and whales will be key to a further surge. https://t.co/frgwqpoDmz pic.twitter.com/dLA5kEcKBV
— Santiment (@santimentfeed) August 31, 2023
Santiment, the crypto market and transaction analyzer, reported that BCH investors have gained a healthy profit for the first time since mid-June. Bitcoin Cash showed a significant price increase of 15% on August 30 after showing a downtrend for the past few weeks. The sudden price surge boosted investors’ confidence in Bitcoin Cash.
Bitcoin Cash Shows Surge in Whale Activity
Santiment’s report also mentioned that BCH whale activity has experienced a mild resurgence in recent days. Additionally, returns from active BCH trading for the past 30 and 365 days are once again above the range. Following the whale activity, BCH showed a significant surge that resulted in a profit for the short and long-term investors. The surge in whale activity is expected to be the key to a further price increase.
Bitcoin Cash has been trading between $180 and $190 for the past few days. The sudden price surge helped BCH cross the $200 mark again after two weeks. However, the price surge in BCH didn’t last for long. The trading price of BCH started declining after the sudden surge. Even with the price drop, BCH is still trading above the $200 range.
At the time of writing, Bitcoin Cash has been trading at $213, with a decline of over 3.03% in the last 24 hours. The daily trading volume of BCH has experienced a drop of around 56.53%, according to CoinMarketCap.
Do you think BCH will show a price surge soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.
Filed under: Bitcoin - @ August 31, 2023 9:15 am