Over the past week, a specific cryptocurrency stood out with remarkable performance. Bitcoin Cash (BCH) surged by over 100%, securing its position as the top-performing cryptocurrency among the top 100 by market capitalization, as per CoinMarketCap data retrieved on June 27. Notably, Pepe (PEPE) also witnessed significant gains of nearly 70%, while Bitcoin SV (BSV) recorded a 47.3% increase during the same time period.
Bitcoin Cash price analysis
As of now, BCH was being traded at $219.8, reflecting a surge of over 13% within the past 24 hours.
On the weekly chart, this cryptocurrency experienced a staggering surge of more than 106.2%, climbing from $106.4 to its current price. Throughout this period, the market capitalization of Bitcoin Cash grew by approximately $2.19 billion, reaching $4.25 billion.
Why is BCH’s price skyrocketing?
Bitcoin Cash’s impressive surge occurs amidst a broader bullish trend in the crypto market, fueled by the optimism of investors regarding institutional adoption of cryptocurrencies.
On June 15, BlackRock, the world’s largest asset manager, filed a request with the US Securities and Exchange Commission (SEC) to introduce a spot Bitcoin ETF. This move would provide investors with an avenue to access cryptocurrencies through one of Wall Street’s major firms.
Subsequently, other prominent financial institutions such as Invesco, Valkyrie, and WisdomTree, also submitted similar applications. These announcements boosted market sentiment, propelling Bitcoin (BTC) above $30,000 and driving other cryptocurrencies to significant gains.
BCH social dominance hits 3-year high
Additionally, the price of Bitcoin Cash received an additional boost following the introduction of EDX Markets, a new cryptocurrency exchange supported by renowned institutional investors like Fidelity Investments, Citadel Securities, and Charles Schwab.
As a result, Santiment data reveals that Bitcoin’s social dominance reached its highest level in three years.