Bitcoin Cash Leads Market Charge After 10% Rally

TL;DR

• Bitcoin Cash is up by 10% over the last 24 hours and now occupies the 19th spot in the market.

• Bitcoin has steadied above $48k following its weekend rally.

Bitcoin Cash Tops $270 Following Rally

BCH, the native coin of the Bitcoin Cash ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. The coin has added 10% to its value during that period, outperforming the broader crypto market in the process.

At press time, Bitcoin Cash’s price stands at $272, up by 15% in the last seven days. There is no catalyst behind BCH’s ongoing rally but it comes after Bitcoin broke past the $48k level for the first time in almost two years over the weekend. 

Bitcoin Cash has also surpassed Litecoin to become the 19th-largest cryptocurrency by market cap. If the rally is sustained, BCH could soon surpass DAI and Shiba Inu.

Meanwhile, Bitcoin, the world’s leading cryptocurrency by market cap, has settled above the $48k mark. It is up by 13% over the last seven days and is now trading at $48,088 per coin.

Bitcoin bulls would now be targeting to break past the $50k resistance level in the coming hours or days. Currently, BTC’s price is $21k away from the all-time high of $69k it set in 2021. With Bitcoin halving roughly two months away, investors remain optimistic about the market’s potential in the medium term.

The total cryptocurrency market cap now stands at $1.8 trillion after adding less than 1% to its value in the last 24 hours.