Bitcoin Cash Surges 30% in Single Day as Catch-Up Rally Explodes, Far Outpacing BTC
TradingKey - Bitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.
On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceeding Bitcoin's gain of less than 2%, and outperforming Ethereum (ETH), Ripple (XRP), and the vast majority of cryptocurrencies. Meanwhile, the price of BCH approached $350, hitting a 4-month high.
BCH and BTC price changes, Source: CoinMarketCap
As a fork of Bitcoin, Bitcoin Cash's main catalyst for this sharp rise is CME Group's announced plans to launch BCH futures contracts. This represents a further opening of traditional financial institutional channels to BCH by a mainstream regulated derivatives exchange, following BTC and ETH, significantly boosting institutional interest and liquidity expectations for BCH.
In addition, while BTC and the broader market remained in a range of consolidation or mild rebounds, market capital shifted toward established public chains and PoW tokens with higher market caps and smaller previous gains. Leveraging its high liquidity and low token concentration, BCH quickly became one of the preferred targets for capital rotation upon the release of positive news, driving a strong rally-chasing effect.
Although BCH saw a surge today, it remains down nearly 50% compared to its peak of $680 earlier this year, far underperforming Bitcoin year-to-date, leaving room for a potential continued catch-up rally. To date, Bitcoin has largely recovered its losses for the year, down less than 1%.
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