The price of Bitcoin cash has seen a significant increase over the course of the last 30 days, resulting in favorable returns for investors. Since July, BCH holders have continuously maintained a positive outlook, which has reduced the frequency of selling activity. This collective sentiment has played a major role in BCH's upward trajectory and has consequently produced favorable results for these holders.
The price of BCH is up about 13% from the previous week, giving it some of the biggest gains in the last seven days for cryptocurrency assets. According to data from CoinMarketCap, the altcoin was trading at $234.78 at press time.
The value of the global cryptocurrency market fell to $1.06 trillion at the time of writing, a decrease of 0.1% in one day. On Thursday, ETH rose about 0.8% to $1,629, while Bitcoin (BTC) rose slightly above the $27,000 level.
Can Bitcoin Cash Reach a New ATH This Year?
BCH is expected to undergo a test of the support line at a price of $229, after which a subsequent bounce is projected. Breaking the current barrier of $253 is crucial for the possible rise of the altcoin. If this level is broken, it could pave the way for the altcoin to reach new highs in 2023, beyond the $300 mark.
BCH market cap currently at $4.6 billion on the weekend chart: TradingView.com
Bitcoin Cash has risen by a remarkable 90% in the last six months, demonstrating strong performance. Furthermore, the BCH price has increased significantly by 136% so far this year, maintaining favorable performance.
Holy Research indicates that whales in the cryptocurrency space have significantly increased their Bitcoin Cash holdings. Collectively, bitcoin whales with holdings ranging from 100,000 to 10 million BCH held 3.74 million BCH as of September 18, 2023.
Source: Santiment
Long-term incumbent heads
But on September 26, its holdings had increased to 3.86 million BCH, showing a remarkable acquisition of 120,000 BCH in just one week. Their balances are now comparable to what they were in July 2023 thanks to this accumulation, and the 120,000 BCH that Bitcoin Cash whales purchased are worth around $25.6 million at the current market price of $213 per BCH.
Meanwhile, the rise of long-term Bitcoin Cash holders indicates a positive outlook for the cryptocurrency's sustainability. These committed investors, who believe in the long-term potential of BCH, contribute to a stable user base and network demand. This support from long-term holders, combined with whale accumulation, could help BCH reach or surpass $300 in the future.
(The content on this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk.)
Featured image from iStock
