With a strong recovery, the price of Bitcoin Cash (BCH) increased remarkably 140% since the June 10 low of $98. Bitcoin Cash (BCH) price hit a 13-month high of $235 on Wednesday morning, accelerate his monthly earnings well over 100%.
On-chain data suggests so The BCH price rally may not be over. So what does the future hold for Bitcoin Cash after its brilliant performance in June 2023? Investors and observers carefully scrutinize current trends and factors which can affect its trajectory.
Tuesday 20 June marked the official launch of EDX Markets. This new non-custodial cryptocurrency exchange platform mainly aims to an institutional clientele and enjoys the support of major Wall Street figures such as Charles Schwab, Fidelity and Citadel Securities.
In order to meet the requirements of the regulatory authorities, the platform only offers four cryptocurrencies : Bitcoin, Ethereum, Litecoin and Bitcoin Cash. On-chain data reveals that Bitcoin Cash have benefited greatly from of this unique development on the market.
Institutional investors are seizing the opportunity from rising BCH
Since the launch of EDX Markets on June 20, Bitcoin Cash has seen a gradual increase in whale trades. Santiment’s diagram shows that per 20th of June, only 102 transactions of large size has been registered on the Bitcoin Cash network. But remarkably, by the end of June 27, this number exploded by 700%, reaching 766 transactions.
Importantly, this is the first time since March 2022 that BCH whaling activity exceeds 700 transactions in a single day.
Whale Trader measures the trading activity of institutional investors by adding up the daily numbers transactions over $100,000.
Institutional investors’ increased stakes on a token show their confidence in the short- and long-term price forecasts for the projectwhich may have a positive impact on the price of BCH in the coming days.
Retail investor interest in Bitcoin Cash remains strong
Institutional investors and retail market participants intensify their bullish activity on Bitcoin Cash. On-chain data shows an increase in the number of daily active addresses on the BCH network.
Between 22 and 28 June it went off 302,030 to 376,620 active addresses, a 25% increase in daily user activity in the last seven days of trade. This increase in retail investor participation reinforces the positive sentiment surrounding Bitcoin Cash.
The daily active address metric assesses network usage by tracking the number of unique wallet addresses that perform transactions. A significant increase in this metric indicates intense transaction activity among network participants.
In summary, the positive sentiment of institutional investors and the continued increase of retail market participants are key factors. that could propel BCH to new heights.
BCH Price Prediction: Time To Break Through $260?
BCH supporters aim to break above $250 in the near future, first crossing $240. Profit taking by investors who bought 80,000 BCH at the peak price of $240 may end the rise in BCH.
However, if bullish sentiment continues and breaks this resistance, Bitcoin Cash may reach $260. On the other hand, if BCH falls below $225, the bears may take control. The 111,570 investors who bought 50,530 BCH at an average price of $225 could support the market. However, if this support level does not hold, BCH could quickly return to $200.
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.