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Bitcoin Cash (BCH) Surges By 166.3% In Two Weeks, Secures Place Among Top Q2 Gainers

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Bitcoin Cash (BCH) has experienced an impressive surge of 166.3% over the past two weeks, solidifying its position as one of the top gainers in the second quarter of 2023. 

Coingecko’s latest report takes an in-depth look into the history of BCH, explores the factors contributing to its recent price surge, and examines its unique characteristics compared to Bitcoin.

Bitcoin Cash, derived from the original Bitcoin blockchain, strives to be recognized as the cash variant of Bitcoin, integrating versatile features that improve its usability for regular financial transactions in accordance with Satoshi Nakamoto’s original intent.

During June 2023, BCH witnessed significant price growth primarily because it joined the EDX market as one of the first four assets listed on that platform. Including Bitcoin, Ethereum, and Litecoin in this venture represents a noteworthy accomplishment for the world of digital currencies.

EDX Markets seeks to close the distance between conventional finance and the cryptocurrency industry by facilitating connections between influential entities in both fields. By undertaking this initiative, it aims to merge traditional financial practices with the world of cryptocurrencies, ensuring security for both mainstream and native investors.

A united and flourishing community kickstarted Bitcoin’s expedition, undertaking a comprehensive exploration of both the potential of the Bitcoin blockchain technology and its accompanying virtual currency.

Bitcoin’s functionality gave rise to conflicting ideologies among its proponents, causing fractures within its community. Ultimately, these divisions culminated in the introduction of BCH and signaled an end to the era when everyone shared a common belief about what this cryptocurrency represented.

Bitcoin Cash (BCH) Soars: 200% Surge In June 2023

On the final day of June 2023, Bitcoin Cash reached a yearly high of $320, marking an impressive 200% increase from its opening price of $110 at the beginning of the month. 

The market cap of Bitcoin Cash has surpassed $6 billion, while daily trading volume soared from an average of $52 million to over a billion dollars in the closing weeks of June, reflecting a remarkable 20-fold increase.

On-chain metrics have also experienced growth, with the number of Bitcoin Cash holders surpassing 22 million. The mining difficulty has increased to over 390G, and the hashrate exceeded 3.1EH/s on June 30, 2023.

It is worth noting that Litecoin, Bitcoin, and Bitcoin SV have also witnessed growth during this period. While the precise catalyst for this significant growth remains speculative, the launch of EDX Markets is the most likely driving force.

Related Reading | XRP’s Social Dominance Declines, Setting The Stage For Potential Rally 

Florida Court Dismisses Craig Wright’s Summary Judgment Plea

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Apart from claiming to be the creator of Bitcoin, Satoshi Nakamoto, Craig Wright continues to make it to the headlines over his billion-dollar Bitcoin case. The latest updates regarding the case highlight the denial of Craig Wright’s recent motion.

A Set Back For Self-Proclaimed Bitcoin Creator?

The District Court for the Southern District of Florida formulated a 93-page document revealing its take on the Kleiman and Wright case. As per the document, Judge Beth Bloom dismissed Wright’s plea for summary judgment further pushing the case to trial to 4 January 2021.

This is isn’t the first time Wright has tried to get out of the lawsuit. The latest news is an addition to Wright’s many attempts to steer clear of the lawsuit. Partner at Anderson Kill, Stephen Palley, pointed out the same in an array of tweets,

“If you can show that the “material” facts are not dispute and that as a consequence you are entitled to judgment in your favor as a matter of law, winner winner chicken dinner , and you can get out of the case in full or in part.

that’s what wright asked for here”

Wright reportedly put forth six arguments in the hope to get out of the lawsuit and all of them were rejected by Judge Bloom. Just a few months ago, Wright sought a trial before a jury over autism claims. While the court granted the Bitcoin SV founder a trial, the latest bid was denied.

Back in 2018, Ira Kleiman accused Wright of pilfering over 1.1 million Bitcoin which was previously mined by both Wright and David Kleiman. However, the charges didn’t stop there, Wright was further called out for perjurious testimony, submission of forged evidence, lies and forgery post-sanctions, and misconduct.

Wright hasn’t ended his swim in troubled waters. The crypto-verse went on to label the Bitcoin SV founder, “Faketoshi” for claiming to be Satoshi Nakamoto and even received immense backlash. Back in June, Wright’s lawyers sent out a letter to the prominent crypto platform, Blockstream highlighting that Wright was the man behind the infamous Mt. Gox hack, that disrupted the crypto sphere. Additionally, Wright’s inconsistent statements have also been a huge set back for his case.

XRP, Bitcoin SV, EOS Technical Analysis on 24rd August 2020

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The brakes are being pulled on the altcoin rally at the moment. After close to 3 weeks of the bullish rally, the majority of the digital assets were exhibiting strong corrections on the market charts. While the correction has slowed down over the past day, the trend is still significantly bearish at the moment.XRP, Bitcoin SV, EOS technical analysis is given below

XRP hourly chart

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Since 17th August, XRP has declined dropped from $0.32 to its present valuation at $0.290. Although the price has undergone a minor hike of 3.07% in the past day, it remains fairly in the bullish realm. XRP market capitalization jumped above $13.02 billion after topping off near $14 billion a few days back. With a trading volume of $1.24 billion, XRP maintained its position as the 3rd largest digital asset.

Now, market indicators suggested that XRP might be entering a period of another bullish rally. Chaikin Money Flow or CMF suggested that the token had high capital inflows than outflows as MACD suggested that a bullish crossover in the charts. Bollinger Bands for XRP suggested a neutral trend as the bands appeared to be parallel to each other.

Bitcoin SV hourly chart

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For Bitcoin SV, it is currently near its resistance at $199. The last time BSV was valued below this range was on 27th July. However, the asset’s inability to maintained a price higher than $217 has now entertained a huge retracement. However, Bitcoin SV had registered a gain of 3.10 percent over the past day.

Bitcoin SV is currently the 8th largest digital asset with a market capitalization of $3.68 billion. Analyzing the Relative Strength Index or RSI for BSV, it can be suggested that buying pressure is slowly taking over in the markets, as Bollinger Bands exhibited more volatility going forward.

BSV’s Parabolic SAR was bullish as well with the dotted indicator firmly under the candlesticks.

EOS hourly chart

EOS tro

12th ranked EOS continued to have a poor 2020. The token that was once ranked 4th in the charts currently exhibited a low market cap of $3.17 billion at the moment. For EOS, markets have remained rather neutral with the occasional surge and spike in prices. Although the token has dipped over the past week, it continues to exhibited tepid volatility levels as the valuation continued to be under the resistance of $3.40.

Aroon indicator suggested that the price may under another bearish onslaught as the bearish market completed a reversal over the bullish market. However, Awesome Oscillator pictured positive momentum as the candlesticks turned green at the end of the indicator.

Bitcoin SV, Ethereum, Chainlink Technical Analysis on 21 August 2020

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The altcoin rally is finally beginning to slow down after a rapid start to August in 2020. In the last 7-days, top altcoins have faced massive drops in terms of price valuation, while others suffered a quick pullback after registering a new high. Ethereum was one of the unlucky ones to witness that fate as its quick rise to $442 has been largely dismissed in the past few days. In the meantime, Chainlink registered a drop of 8% percent as well, after its heroic climb to $20.

Ethereum 

Ethereum
Ethereum hourly chart

It took Ethereum 14 days to break above $400 resistance but when it did, it went on to rally beyond the immediate resistance. Reaching a high of $442, users believed that the ecosystem had built up high bullish momentum over the past 2 weeks’ consolidation. Sadly that wasn’t the case as five days later, Ethereum crashed below the support of $419, briefly testing $397 as well.

With a market cap of $43 billion currently worth $415, Ethereum ‘s market is still struggling to show strong signs of bullishness, as another return below $400 seems likely. Bollinger Bands indicated reduced volatility but the relative strength index indicated saturation. An increase in selling pressure may bring the price down again, as the Parabolic SAR indicated a bearish trend.

Chainlink 

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Chainlink hourly chart

For Chainlink, the pullback was more dramatic. The asset has reached 5th in the rankings recently(6th at the moment) on the back of a bullish rally that took its price to $20. However, since then it has been a week of downhill. Chainlink is valued at $15.50 at the moment, briefly testing $14.95 over the past few hours.

The downtrend in the above chart is clear as day as the asset undergoes continuous decline but Bollinger Bands opened the gates for more volatility. Right now, Chainlink continues to bear a negative sentiment with MACD line hovering under the signal line and Awesome Oscillator indicating bearish momentum.

Chainlink had a market cap of $5.43 billion with a trading volume of $1.623 billion in the past day.

Bitcoin SV 

BSV 2
Bitcoin SV hourly chart

Bitcoin SV did clock in $249 on 1st August but hasn’t come close to that valuation in the past 3 weeks. Currently consolidating just $210, BSV is contradictory in terms of its market sentiment. Aroon Indicator was bearish at the moment but exhibited that a trend reversal might take place anytime.

Chaikin Money Flow of CMF suggested steady capital in-flows, meaning the asset remains pretty relevant. With a market cap of $3.89 billion, Bitcoin SV maintained its 8th position in the chart, registering a growth of 3 percent in the past day.

Ethereum, Bitcoin SV, Tron Technical Price Analysis on 16th Aug 2020

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Volatility is completely locked in the cryptocurrency industry at the moment. Ethereum surged towards news new yearly high of $443 over the past day but other coins joined in the rally during ETH’s decline. The market altogether continued to picture a sense of divergence in the charts, like other altcoins continued to improve their standings in the ecosystem.

Ethereum 

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Ethereum hourly chart

As explained earlier, Ethereum reached another milestone on 15th August, reaching $442, just shy of the $450 mark. This is Ethereum’s third new high in 2 weeks, after clocking in $400 on 1st August. Ethereum had a market cap of $48 billion at the time of writing, with a trading volume of $11.8 billion.

However, Ether’s price fell prey to the volatile market as a quick decline has taken its valuation down to $427. Market Indicators were indicated strong bearish sentiments as well with CMF suggested that capital in-flows were getting outplayed by capital out-flows. Parabolic SAR also maintained its stance above the price candles and now, the Relative Strength Index is reaching an over-sold zone.

However, with the RSI a trend flipping might take place anytime soon.

Bitcoin SV

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Bitcoin SV hourly chart

With Bitcoin SV, the last 24-hours exhibited a decline of 4.14% but remain true to its week-long uptrend in the charts. For Bitcoin SV, the idea seemed simple as the moment with a consistent bounce off the uptrend and then pushing above the immediate support. With a market cap of $4.15 billion, Bitcoin SV was valued at $224.19 at press time.

Similarly to Ethereum, Bitcoin SV’s market confluence was a little bearish too. MACD signal line is trailing under the signal line, suggesting bullish strength in the charts. However, Parabolic SAR is bullish, staying put under the candlesticks and remaining at bay with the apparent long-term bullish rally.

TRON 

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TRON hourly chart

Lastly, Tron maintained its position in the 15th position with a market value of $1.83 billion. For the market cap, TRX tokens had a good trading volume of $809 million, and over the past day, the asset was up by 5.89%. With the parabolic SAR supportive of its rally, the other market indicators were waving a bull flag as well.

Awesome Oscillator suggested that the bullish momentum was slowly building up for Tron, and the MACD line was more often hovering above the signal line. Even though, the signal line was following at close proximity, at the moment bulls had the upper hand on Tron’s market.