The crypto market entered an upward trajectory in the past 24 hours, with most coins, including Bitcoin Cash (BCH), making notable price moves. Speculations and anticipation around BlackRock’s spot BTC application, and the recent WisdomTree and Invesco filing, could be driving the surge.
Also, the just-launched Wall Street-backed crypto exchange EDX must have contributed, to a large extent, to the improved market sentiment.
The total crypto market cap has already increased 5.74% in the last 24 hours as Bitcoin tallies a 7.94% gain over the same time frame, propelling its weekly gain to 11.73%.
BCH Price Outlook
Following the brief consolidation and sporadic price action triggered by heightened regulatory uncertainty, the bulls are leading the market. Assets prices ticked positive in the last 24 hours. As Bitcoin fights to break the $29,000 mark, its close relative, Bitcoin Cash, has put on an incredible performance in the background.
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Bitcoin Cash’s (BCH) price has surged over 21.20% in the last day with the recent bullish momentum. The asset’s remarkable performance pushed it atop the chartsand it is now the top-gaining coin of the day, June 21, with a 22.10% price gain in the last seven days.
Bitcoin Cash’s appearance on the EDX exchange boosted social sentiment, massively pushing network activity. The token trading volume has increased massively from $76.86 million, recorded yesterday, June 20, to $382 million today. The increase represents over 493% in 24 hours. Also, BCH trades at $129.21, with a 21.20% price increase over the past 24 hours.
What’s Behind The Price Rally?
One of the reasons for BCH’s performance is the newly 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, it supports only Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
A crypto exchange supported by top Wall Street participants suggests more institutional investors and mainstream crypto adoption is underway. Now, investor sentiment has turned bullish following spot BTC ETF applications by three leading asset managers.
According to reports, BlackRock’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 US Securities and Exchange Commission (SEC) on June 15.
The SEC had previously denied the approval of other firms’ BTC ETF applications. However, many believe BlackRock would succeed due to its reputation and connections. This is also because BlackRock has a high success rate in previous ETF applications, hence the market’s optimism.
An approved BTC spot ETF would boost Bitcoin’s legitimacy and encourage institutional investment, improving the asset market outlook. As such, the market sentiment rapidly shifted.
On June 20, the Fear & Greed Index pointed towards “Neutral” but now flags Greed after today’s market rebound.
Featured image from Pixabay and chart from TradingView.com
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