The #bitcoin price cannot hold above $ 29,500, but some of the altcoins have started to diverge positively in the process. Critical data coming this week may trigger a renewed increase in volatility. The hasty behavior of a group of whales caused the popular cryptocurrency to target $ 300 again. So what do current data and on-chain metrics tell investors?
Bitcoin Cash (BCH)
July July 6 Dec and July 25 #BitcoinCash miners have emptied the majority of the reserves they have. Due to these sales, the price of Bitcoin Cash fell by 27% from $ 295 to $ 233. Last week, the bull whales started buying again. BCH's rise, which has been gaining momentum since June 20, began when EDX Markets listed it as one of the 4 cryptocurrencies. EDX Markets, which trillion-dollar companies have launched to provide crypto investment services to corporate clients, made a big noise.
The fact that major Wall Street firms such as Citadel Securities, Fidelity Investments and Charles Schwab will broker transactions for a small number of cryptocurrencies, including BCH, played a critical role in BCH's rise to $ 320, the 2023 peak, at the end of June.
Bitcoin Cash (BCH) Price Review
Large investors continued to buy despite the BCH price correction in the first half of July. The Centimeter chart below shows that whales holding between 100,000 and 10 million BCH have made large purchases over the past two weeks. July July Dec 14th to July 31st, these whales took advantage of the price drop to increase the amount of BCH in their hands at an eye-popping rate of 230,000 BCH.
The newly purchased 230,000 BCH indicates a demand of about $ 58.4 million. On the other hand, the BCH Social Volume metric has maintained a consistent upward trend over the past week. On July 21, the Bitcoin Cash Social Volume score stood at 62. And by July 30, it had increased by 56%, reaching 97.
