Bitcoin Cash Nears $500 After Surging by 20% This Week

TL;DR

• BCH is the best performer among the top 20 cryptocurrencies, up 6% in the last 24 hours.

• The coin is now approaching $500 as it benefits from capital rotation into mid-cap majors.

BCH Outperforms Other Major Cryptos, Approaches $500

BCH, the native coin of the Bitcoin Cash ecosystem, is the best performer among the top 20 cryptocurrencies this week. The coin added 20% to its value this week despite the ongoing crisis in the Middle East.

At press time, BCH is trading at $490 and could surge past the $500 mark soon if the bullish momentum is sustained. Bitcoin Cash, despite a history of volatility and fading retail hype, has recently shown signs of institutional reappraisal.

The coin currently benefits from capital rotation into mid-cap majors, with HYPE another coin that has rallied in recent weeks. Analysts expect BCH to surge above the $500 level heading into the third quarter of the year.

Bitcoin, the leading cryptocurrency by market cap, has also maintained its price around the $105k region despite the escalated conflict between Iran and Israel. BTC added less than 1% to its value in the last 24 hours and now trades at $105,200 per coin. 

The total cryptocurrency market cap now stands at $3.25 trillion as BCH and others begin a slow recovery.