Bitcoin Cash (BCH) Skyrockets by 13.6%, Becomes Top Gainer Among Leading Crypto Assets

Bitcoin Cash has experienced a notable increase of over 13% in the past 24 hours, making it the top gainer among the leading 100 cryptocurrencies on July 29.

Bitcoin Cash (BCH) Surges over 13%, Driven by Kraken Distribution, Whale Activity, and Trump's Pro-Crypto Stance

Bitcoin Cash (BCH) experienced a notable surge in value on July 29, emerging as the top gainer among the leading 100 cryptocurrencies. The token's price rose sharply,孑 rendering it the best performing asset in the top 100 ranking.

At the time of writing, Bitcoin Cash (BCH) had surged by 13.6% over the last 24 hours and was exchanging hands at $451. The crypto asset's daily trading volume was hovering around $427 million, per data from crypto.news.

Moreover, the cryptocurrency’s market cap stood at $8.75 billion, making it the 16th largest crypto asset, per CoinGecko. Despite the recent price rise, the token is still down 88.3% from its all-time high of $3785.8, reached on Dec. 20, 2017.

Originating from a hard fork of Bitcoin in 2017, Bitcoin Cash was created following disagreements within the Bitcoin community regarding proposed upgrades. Like its predecessor, Bitcoin Cash operates on a Proof of Work (PoW) mechanism, has a capped supply of 21 million coins and undergoes a halving event every four years. The reward for mining Bitcoin Cash is currently set at 6.25 BCH.

A notable distinction between Bitcoin and Bitcoin Cash is the block size; Bitcoin Cash supports blocks of up to 32 MB,孑 significantly larger than Bitcoin’s 1 MB limit. This larger block size enables Bitcoin Cash to process a greater number of transactions within the same time frame.

The recent price rally underscores a rising interest from investors, particularly retail traders, in more economically priced alternatives to Bitcoin, which currently trades around $70,000 per unit. While Bitcoin remains one of the priciest crypto assets, making full ownership challenging for some investors, Bitcoin Cash and similar hard forks present more accessible investment opportunities due to their lower price points.

Several factors are said to be contributing to the surging interest in Bitcoin Cash (BCH). One key event occurred on July 27, when Kraken finally distributed Bitcoin and Bitcoin Cash to customers who were impacted by the 2014 Mt. Gox hack. This distribution took place almost three and a half years after the exchange paid out its creditors in full.

The distribution saw customers who had filed claims for both Bitcoin and Bitcoin Cash at the time of the Mt. Gox hack receiving their crypto holdings in both assets. Those who had only filed claims for Bitcoin at the time received their full holdings in Bitcoin.

According to a blog post by Kraken, the exchange distributed a total of 141,750 BTC and 141,748 BCH to affected customers. The crypto exchange also noted that the distribution was carried out at a 1:1 ratio, as per the exchange rate at the time of the snapshot on March 7, 2014.

Another factor contributing to the increased demand for BCH is the reported whale activity in the market. According to the whale tracker “FishTheWhales,” several large purchases of BCH were made on July 29. One notable transaction involved the purchase of 1,000 BCH, valued at approximately $440,000 at the current market price.

Meanwhile, a trading analyst known as Dz_4L highlighted on X that Bitcoin Cash has completed an inverse head and shoulders pattern, indicating a bullish trend. The analyst predicts that BCH could see a further 15-20% price increase based on this momentum.

Bitcoin Cash (BCH) Surges, Driven by Key Events, Whale Activity, and Trump's Pro-Crypto Stance

Bitcoin Cash (BCH) Surges, Driven by Key Events, Whale Activity, and Trump's Pro-Crypto Stance

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