Why Bitcoin Cash Is Up 11% This Week

Henry Khederian

October 29, 2024

Bitcoin Cash (CRYPTO: BCH) is trading higher by 11% to $385.47 this week. Shares of several altcoins are trading higher after Bitcoin (CRYPTO: BTC) rose above $72,000 during Tuesday’s session.

What To Know: Bitcoin's ETF inflows, led by a $315 million addition to BlackRock’s iShares Bitcoin ETF and contributions from Fidelity’s Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF, signal a robust rise in institutional interest.

The combined $479 million in Bitcoin ETF inflows on October 28 has not only buoyed BTC prices but has set a positive tone for other cryptocurrencies, including Bitcoin Cash, which investors often view as a more accessible, “lighter” alternative to Bitcoin.

For many investors, Bitcoin Cash, born out of a fork from Bitcoin in 2017, represents a more transaction-friendly alternative, with faster and cheaper transfers. As Bitcoin rallies toward record levels, Bitcoin Cash attracts attention from investors seeking a more affordable way to capitalize on the growth of the broader cryptocurrency sector.

Read Also: Bitcoin Meme Coins? That’s Right, Trader Says ‘Best Time To Get In’ As Dogecoin, Solana Memes Surge

Historically, Bitcoin Cash has also shown strong price correlation with Bitcoin, often experiencing price increases when Bitcoin makes substantial gains. This rising interest could further support Bitcoin Cash, appealing to investors who are eager to diversify within the digital asset space while remaining linked to Bitcoin's underlying market drivers.

What Else: Heightened institutional investments into Bitcoin ETFs add liquidity to the broader crypto market, potentially benefiting related cryptocurrencies like Bitcoin Cash. This effect increases trading volumes across the sector, enhancing market activity in assets like BCH and fueling upward price momentum.

With Bitcoin nearing its all-time high, the sentiment boost and increased liquidity in the cryptocurrency sector are creating a favorable environment for Bitcoin Cash, which could see additional demand and price appreciation as the market gravitates towards accessible, Bitcoin-adjacent alternatives.

Read Also: Kamala Harris Winning The Popular Vote Is ‘Certain,’ States Polymarket Trader Who Bet Over $5 Million

As more traditional finance companies incorporate Bitcoin into their offerings, the evolving role of crypto assets in institutional portfolios will be explored further at Benzinga’s Future of Digital Assets event on Nov. 19.

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