Bitcoin Cash (BCH) experienced a significant boost on Tuesday, reaching its highest point in a year, driven by ongoing investor interest following its listing on the EDX markets last week. The newly established exchange, supported by prominent entities such as Citadel, Sequoia Capital, and Fidelity, included BCH as part of its offerings. Additionally, Litecoin was also introduced on the platform.
Bitcoin Cash (BCH)
After starting the week with a low of $197.30, BCH/USD skyrocketed to an intraday peak of $236.64 earlier today.
Consequently, Bitcoin Cash climbed nearly 18% from this peak, reaching its strongest position since May 2022.
BCH/USD – Daily Chart
Bears may already be circling the token, anticipating a potential shift in direction in the coming days.
Litecoin (LTC) also found its way onto the EDX platform, although its price growth hasn’t matched that of BCH.
LTC/USD broke a three-day losing streak on Tuesday, reaching a peak of $89.90 earlier in the day.
LTC/USD – Daily Chart
However, for this trend to fully materialize, a breakout above the upcoming 58.00 level on the RSI will be necessary.
Currently, the price strength is at 56.30.
Frequently Asked Questions (FAQs) about cryptocurrency rally
What led to the surge in Bitcoin Cash and Litecoin prices?
The surge in Bitcoin Cash and Litecoin prices was primarily driven by their listing on the EDX markets, which garnered increased investor interest and buying activity.
How high did Bitcoin Cash reach during the rally?
Bitcoin Cash reached a one-year high, with prices surging to an intraday peak of $236.64.
What indicators contributed to the Bitcoin Cash rally?
The breakout above the 80.00 level on the Relative Strength Index (RSI) and a significant price increase of 120% in the last seven days were key indicators behind the Bitcoin Cash rally.
Was Litecoin also listed on the EDX platform?
Yes, Litecoin was also listed on the EDX platform, but its price growth did not match that of Bitcoin Cash.
What factors influenced the rebound in Litecoin prices?
Litecoin experienced a rebound after a three-day losing streak, supported by the crossover of moving averages, indicating potential bullish momentum.
More about cryptocurrency rally
- Bitcoin Cash (BCH) – CoinMarketCap
- Litecoin (LTC) – CoinMarketCap
- EDX markets
- Relative Strength Index (RSI) – Investopedia