Altcoins provide investors and traders with an alternative cryptocurrency within the market. These major cryptocurrencies, such as Bitcoin and Ethereum, have been soaring upwards since the beginning of this week. They are pulling most of the market along with them. Bitcoin Cash is a fork from Bitcoin. BitcoinToday’s market cap increase by 3% is a sign of success for.
CoinGecko reports that the cryptocurrency is currently up by nearly 15 percent, which makes it the top gainer in today’s environment.
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The market is in excellent condition, which encourages traders to invest.
It is important to note the connection between traditional markets and crypto-markets. The major market indexes such as the Dow Jones and the S&P 500 show a high correlation with major crypto assets like Bitcoin. In situations such as this, the positive correlation gives altcoins a helping hand.
Investors and traders are looking at several central bank meetings of G7 nations Like Japan, United States and United Kingdom.
Powell’s comments about a possible rate cut by the US Federal Reserve in September are notable. The Fed and similar central banks are now observing a healthy economy, which does not require measures such as increasing interest rates.
Both experienced and novice investors have also jumped into the market for crypto derivatives. CoinGlass says that BCH’s upward trajectory has contributed to long-term investors joining the market, and introducing more contracts. BCH’s strong performance is also expected to continue until the end of this year, according to online analysts. next month.
$BCH Breaking of the Descending channel in 12H timeframe✅
Expecting Bullish Wave📈#BCH #BCHUSDT #Crypto pic.twitter.com/O7PBegZ2px
— ZAYK Charts (@ZAYKCharts) July 28, 2024
Bulls have more than enough room to keep their rise. BCH has been a crowd favorite since its performance is so consistent.
What will happen to Bitcoin Cash if the bullish pace continues?
This is the overall financial In one word, the current global economic situation is optimistic. This bull run in BCH is actually a rebound from the bearishness of recent months.
Even though there is a high correlation between BTC & BCH, investors are still advised to be cautious. This can translate into BCH following Bitcoin lower if Bitcoin corrects at a level that’s more sustainable.
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This could also be true. The bulls are going to be worn out after a nearly month-long streak of constant gains. After the bears seize control of the market, the price may stabilize around the current $450 range.
This kind of market movement will continue only if there is another positive month. Investors and traders are advised to watch closely the overall economy, the Federal Open Market Committee and its decision. financial This metric will determine the world’s decisions.
Chart from TradingView, Featured Image from Medium
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Source: www.newsbtc.com