Bitcoin Cash Price Explodes 150%: Here’s Why

• Bitcoin Cash (BCH) price has surged by over 150% from the lowest level in May, making it one of the top-performing cryptocurrencies.
• The rally is being supported by the Bitcoin ETF applications and news of BCH being offered by EDX Markets.
• If the Bitcoin ETF is accepted, analysts believe that companies will file their BCH spot ETF proposals as well.

Recent Crypto News

Bitcoin Cash (BCH) price has been in a strong bullish trend in the past few days. The coin has surged by over 150% from the lowest level in May. This rally is being supported by the Bitcoin ETF applications and news of BCH being offered by EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel.

The Impact of Bitcoin ETF

If this is accepted, it will likely help many institutional investors allocate funds to Bitcoin and other cryptocurrencies like Litecoin, Bitcoin SV, and Ethereum Classic. There are concerns that Ethereum will be avoided because of its staking feature which SEC believes contravenes securities law.

Bitcoin Cash Price Prediction

The 4H chart shows that the Bitcoin Cash price has been in a strong bullish trend in the past few days. It has jumped above the important resistance point at $124, the highest point on May 9th. The coin has moved sharply above the 25-day and 50-day moving averages while also forming higher highs and higher lows as shown below:

Lower Price Than BTC

Bitcoin Cash is doing well since it has a lower price than Bitcoin itself. The BTC and BCH ratio currently stands at 131, meaning that 1 Bitcoin is worth about 131 BCHs. This makes it more attractive for traders who are looking to buy into an asset with potential for significant appreciation but are unable to afford high BTC prices at current levels.

Conclusion

In conclusion, there are numerous factors driving up demand for Bitcoin Cash including acceptance by EDX markets as well as lower prices than BTC itself which make it more attractive for traders who want to buy into potentially appreciating assets but cannot afford high prices of BTC currently.. Moreover, if bitcoin’s ETF proposal gets accepted then companies may file their own BCH spot ETF proposals too which could further drive up demand for this cryptocurrency leading to even bigger gains in its price