The cryptocurrency market has seen a surge in activity in recent weeks, as investors flock to digital assets in search of safe-haven investments. Bitcoin (BTC) has been the biggest beneficiary of this trend, with its price rising to new all-time highs. However, Bitcoin Cash (BCH) has lagged behind its older sibling, despite the fact that it is also a major cryptocurrency. In this article, we will take a look at the recent price action of BCH and analyze why it has failed to keep pace with BTC.
First, let’s take a look at the current market capitalization of both coins. As of this writing, BTC has a market cap of over $1 trillion, while BCH has a market cap of just over $20 billion. This is a significant difference, and it shows that BTC is far more popular than BCH among investors. This is likely due to the fact that BTC has been around longer and has a larger network of users and miners.
Next, let’s look at the price action of BCH over the past few weeks. Since the beginning of March, BCH has risen by about 30%, while BTC has risen by over 70%. This shows that BCH has lagged behind BTC during this period, despite the fact that both coins have seen significant gains. This could be due to the fact that investors are more confident in BTC due to its larger network and longer track record.
Finally, let’s take a look at the technical indicators for BCH. The Relative Strength Index (RSI) for BCH is currently at 55, which indicates that the coin is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is also neutral, indicating that there is no clear trend in the short-term. This suggests that BCH may remain range-bound in the near future, as investors wait for more clarity on the direction of the market.
In conclusion, Bitcoin Cash has lagged behind Bitcoin during this recent safe-haven rush. This could be due to the fact that BTC has a larger network and longer track record, making it more attractive to investors. Additionally, the technical indicators for BCH suggest that it may remain range-bound in the near future, as investors wait for more clarity on the direction of the market.
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- Source: Plato Data Intelligence: PlatoAiStream