Bitcoin Money (BCH) has not too long ago dominated the headlines with large good points within the present total crypto market rally. Its worth not too long ago surged over 200% this month after being listed on EDX Markets, a brand new alternate backed by main establishments.
Buying and selling additionally spiked on Upbit, a significant Korean alternate. This led to a major enhance within the complete hash charge and mining problem as miners migrated to the blockchain to chase earnings.
Bitcoin Money Hash Charge Reaches Highest In Two Years
In response to data from CoinWarz, the BCH hash rate jumped to over 5.45 EH/s within the closing hours of June, reaching its highest level in over two years. The elevated hash energy means the BCH community has change into more and more safe as miners transfer to the blockchain. Mining problem additionally adopted go well with, leaping to 494.8 G in lower than a day.
Whereas frequent problem changes can impression mining earnings within the brief run, the heightened curiosity in mining Bitcoin Money is an efficient signal for the community.
BCH mining problem touches two-year highs | Supply: CoinWarz
The rally in Bitcoin Money’s worth and mining metrics has put strain on these short-selling BCH futures contracts. The entire amount of cash misplaced on BCH-tracked futures shorts and longs mixed was over $25 million, which is the most important in over two years.
All of this comes forward of the Bitcoin Money Halving, an event that’s anticipated to occur in Could 2024, slicing block rewards in half. The speedy rise in mining problem and hash charge could possibly be linked to this. Nonetheless, provided that it’s nearly a yr away, it’s extra doubtless that the altcoin’s restoration and worth actions during the last week are the perpetrator.
BCH Worth Motion
The longer term worth outlook for Bitcoin Money stays extremely unsure, provided that the present rally got here as a shock to many traders. The following a number of weeks might be extraordinarily essential in figuring out whether or not or not this rally has adequate power to drive Bitcoin Money to new highs in 2023 or whether or not or not it fizzles out.
BCH holds regular at $288 | Supply: BCHUSDT on TradingView.com
At present, BCH appears overbought from numerous indicators just like the Relative Energy Index. Overbought means an prolonged worth transfer to the upside. Worth motion appears to have change into calm, because the cryptocurrency is now going through rejection round $300.
The 50-day and 200-day MAs appear to counsel that the worth will increase could proceed. Nonetheless, if the present momentum stalls and BCH faces a robust rejection, the BCH worth might erase most of its latest good points.
BCH is now buying and selling at $288 and is down 1.31% prior to now 24 hours. BCH’s worth rise noticed its market cap soar to over 5.58 billion, making it the 14th-largest cryptocurrency within the house.
Featured picture from Finbold, chart from TradingView.com