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HomeFinance NewsFresh Demand Sparks 13% Rally in Market

Fresh Demand Sparks 13% Rally in Market

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The price of Bitcoin Cash (BCH) has recently experienced a significant rise, resulting in favorable returns for investors. This increase in price has been attributed to the positive perspective and reduced selling activity of BCH holders. In the past week alone, BCH has seen a 13% increase, making it one of the top-performing cryptocurrency assets. The altcoin is currently valued at $234.78, according to CoinMarketCap.

Experts posit that BCH may reach new all-time highs this year, with a projected trial of the support line at $229 followed by a potential rebound. Breaking the current barrier at $253 is seen as crucial for the altcoin’s rise, and if achieved, it could pave the way for BCH to surpass the $300 mark. Whales in the cryptocurrency space have also significantly increased their holdings in Bitcoin Cash, with 3.74 million BCH collectively held by large holders as of September 18, 2023.

Furthermore, the increase in long-term holders of BCH indicates a positive outlook for the cryptocurrency’s sustainability. These committed investors, coupled with whale accumulation, may contribute to BCH reaching or even exceeding the $300 milestone in the future.

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