BCH is the top gainer among the top 50 cryptocurrencies in terms of market cap as Bitcoin Money information supports bulls’ direction.
Additionally, BCH was outperforming Bitcoin (BTC), which saw its own stunning gains after trading to the $29k level for the first time in over a month.
Bitcoin Cash increases amid Wall Street cryptocurrency data
Contrary to the US stock market, where the major indices closed in the color purple ahead of Fed Chair Jerome Powell’s two-day speech, the majority of money trade on Wednesday was in the green.
After asset funding powerhouse BlackRock applied for a spot Bitcoin ETF, the general positive indicators for cryptocurrency started to emerge last week. The news that Invesco and WisdomTree were joining BlackRock in filing spot ETF proposals to the US Securities and Trade Commission (SEC) immediately put bulls in action.
As a result, as sentiment turned positive, the value of Bitcoin and other altcoins increased. Furthermore, after the launch of the Wall Street-backed cryptocurrency exchange EDX Markets, the value of BCH may have found a new footing.
New cryptocurrency exchange EDX is supported by Wall Street behemoths Constancy, Charles Schwab, and Citadel, according to CoinJournal. On learning that EDX will initially only support 4 cryptocurrencies—Bitcoin, Litecoin, Ethereum, and Bitcoin Money—its value may have increased.
Value chart for Bitcoin Money (BCH) by TradingView
It remains to be seen if bulls take advantage of the general market attitude to trade more heavily. If it does, BCH/USD may aim for the psychological $200 range and most likely the highs of May 2022.
On the negative side, the $100 zone continues to be a crucial assistance area that could serve as a necessary recharge level. BCH/USD is currently trading about $130, up around 22% over the past 24 hours.
The article Bitcoin Money jumps as BCH reaches a 3-month high: The reason for this initially published on CoinJournal.