The crypto market has been in a bullish trend for the past 24 hours, with most coins, including Bitcoin Cash (BCH), making notable price moves. Speculation and anticipation surrounding BlackRock’s spot BTC application and the recent WisdomTree and Invesco application could drive the surge.
Also, the just-launched Wall Street-backed crypto exchange EDX must have contributed greatly to the improved market sentiment.
The total cryptocurrency Market capitalization is already up 5.74% in the last 24 hours Bitcoin equates to a gain of 7.94% over the same time frame, bringing the weekly gain to 11.73%.
BCH Price Outlook
After the brief consolidation and sporadic price action caused by heightened regulatory uncertainty, the bulls are leading the market. Asset prices have been ticking positively in the past 24 hours. While Bitcoin fights to break the $29,000 mark, its close relative, Bitcoin Cash, has put in an incredible performance in the background.
Related reading: Nansen Prediction for Bitcoin Bull Run: Regulatory Clarity and Lower Inflation
Bitcoin Cashs (BCH) price is up more than 21.20% in the past day with the recent bullish momentum. The asset’s remarkable performance propelled it atop the Graphsand it is now the top winning coin of the day, June 21, with a price increase of 22.10% in the past seven days.
Bitcoin Cash’s appearance on the EDX exchange boosted social sentiment, boosting network activity immensely. The token trading volume has skyrocketed from $76.86 million recorded yesterday, June 20, to $382 million today. The increase represents more than 493% in 24 hours. BCH is also trading at $129.21, with the price up 21.20% in the last 24 hours.
What’s behind the price rally?
One of the reasons for BCH’s performance is the recently launched crypto exchange, EDX, backed by Fidelity Investments, Charles Schwab and other Wall Street market leaders. The crypto exchange went live today, June 21, and currently only supports Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
A crypto exchange backed by top Wall Street participants suggests that there are more institutional investors and mainstream crypto adoption is underway. Now IInvestor sentiment has turned bullish after spot BTC ETF filings by three leading asset managers.
According to reportsBlackRock’s Bitcoin ETF application encouraged two others (WisdomTree Investment and Invesco) to step forward. The world’s largest asset manager filed for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on June 15.
The SEC had previously denied approval of other companies’ BTC ETF filings. However, many believe that BlackRock would succeed because of its reputation and connections. This is also because BlackRock has a high success rate on previous ETF applications, hence the market’s optimism.
An approved BTC spot ETF would increase Bitcoin’s legitimacy and encourage institutional investment, improving the outlook for the asset market. As such, market sentiment quickly turned.
On June 20 is the Fear & Greed Table of contents pointed to “Neutral” but now marks greed after today’s market recovery.
Featured image from Pixabay and chart from TradingView.com
