Bitcoin Cash Surges 56.19% From April Lows, Outperforms Bitcoin
1min read Bitcoin Cash (BCH) has made a significant comeback, surging 56.19% from its April lows and currently trading above $415. This surge has placed bch among the top 5 weekly performers among the 100 biggest digital assets, with a year-to-date (YTD) loss diminished to just 4.43%.
BCH's recent rally has been marked by strong market momentum, breaking through key resistances near $391.13 and $399.94. The trading volume for BCH rocketed 136.68% to over $711 million during this period. The cryptocurrency has also seen a 46% increase in the last 30 days, adding $2.6 billion to its market capitalization and achieving almost twice as strong a return on investment (ROI) as Bitcoin (BTC).
This surge in BCH's performance is part of a wider cryptocurrency market upturn. Bitcoin itself soared more than $2,500 in a matter of hours on May 7 and May 8, poised to regain the psychologically important $100,000 level. The overall sector has also been doing well, with the total market capitalization of coins and tokens rocketing slightly more than $100 billion within the last 24 hours. This rally ensured that the entire digital assets sector has reclaimed the $3 trillion level with some stability for the first time since February, and helped BCH’s market capitalization soar above $8 billion for the first time since January.
Given the uptrend and the strength of the latest rally, there is little clear indication of how high BCH can go should it smash through the third and strongest of the near resistance levels, which lies at $417.40. The strong market momentum and the overall positive sentiment in the cryptocurrency market suggest that BCH could continue to outperform BTC in the near term. However, it remains to be seen whether BCH can sustain this momentum and maintain its position as one of the top performers in the digital asset space.
Ask Aime: "Will Bitcoin Cash (BCH) continue its surge past $417.40?"
