Showing a strong recovery, the price of Bitcoin Cash (BCH) surged remarkably 140% since its low point at $98 on June 10. Bitcoin Cash (BCH) price hit a 13-month high of $235 on Wednesday morning, propelling his monthly earnings well above 100%.
On-chain data suggests that BCH Price Rise 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 the factors that could influence its trajectory.
Tuesday, June 20 marked the official launch of EDX Markets. This new non-custodial cryptocurrency exchange platform mainly aims 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 regulators, the platform only offers four cryptocurrencies : Bitcoin, Ethereum, Litecoin and Bitcoin Cash. On-chain data reveals that Bitcoin Cash has greatly benefited of this unique development on the market.
Institutional Investors Seize 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 chart shows that as of June 20, only 102 transactions of great magnitude have been recorded on the Bitcoin Cash network. But, remarkably, by the end of June 27, this figure exploded by 700% to reach 766 transactions.
Importantly, this is the first time since March 2022 that BCH whale trading activity exceeds 700 transactions in a single day.
Whale trades measure the trading activity of institutional investors by adding up the daily count transactions exceeding $100,000.
Institutional investors’ increased bets on a token show their confidence in the short and long-term price prospects of the projectwhich could 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 June 22 and 28, it went from 302,030 to 376,620 active addresses, a 25% increase in daily user activity in the last seven days of trading. This increase in retail investor participation reinforces the positive sentiment surrounding Bitcoin Cash.
The daily active addresses metric assesses network usage by tracking the number of unique wallet addresses performing transactions. A significant increase in this metric indicates intense transactional activity among network participants.
In summary, the positive sentiment of institutional investors and the continued rise 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 maximum price of $240 could end the rise in BCH.
However, if the bullish sentiment persists and breaks this resistance, Bitcoin Cash could reach $260. On the other hand, if BCH drops below $225, the bears could take control. The 111,570 investors who bought 50,530 BCH at the average price of $225 could support the market. However, if this support level does not hold, BCH could quickly retrace to $200.
Let’s discover alternative investment opportunities with yPredict
Investing in cryptocurrencies and memecoins can be daunting for new investors, due to the speed and constant evolution of this sector. Fortunately, yPredict offers a solution to this challenge.
yPredict is an innovative platform that uses artificial intelligence (AI) to provide detailed analyzes of technical indicators of cryptocurrencies. Its main objective is to provide traders and investors with quality information and advice adapted to an ever-changing market.
Thanks to advanced AI-based algorithms and machine learning tools, the yPredict team has developed high quality predictive models. These models allow users make informed decisions with greater confidence and precision.
The yPredict project recently achieved an impressive fundraising, reaching over $2.6 million during its presale campaign. The current price of the YPRED token is $0.09but a rise is to be expected when it is listed on exchange platforms, where it will reach $0.12.
Through the use of AI and machine learning models, yPredict offers advanced and accurate prediction tools for investors. This allows users to make informed decisions and best seize the opportunities offered by the crypto ecosystem.
Read our guide on how to buy the YPRED token
Click here to buy YPRED tokens
This article does not represent investment advice in any way. The information provided here should not be used as the 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.