Bitcoin Cash price pump today definitely made their holders quite happy considering it’s up 15% and is now trading around $454. Alongside some meme coins and AIOZ, BCH is one of the top gainers today.
Trading volume has also exploded over 55% and is now over $500 million in the last 24 hours.
The main reason BCH price pumped today is the fact that this coin is usually following Bitcoin’s price movements, and BTC price is also up 3% today.
The main reason for the market pump today is Former U.S. President Donald Trump’s pledge to create a ‘strategic Bitcoin reserve’ if re-elected, signaling potential political support for cryptocurrencies.
Source: CoinMarketCap/BCH
This could be beneficial for Bitcoin Cash too, so traders are rushing into this coin.
Trump is widely seen as a much more pro-crypto candidate than Kamala Harris, and many crypto enthusiasts are likely to support him in the US elections later this year. His stance on digital assets could potentially lead to more favorable regulations and increased adoption of cryptocurrencies.
The crypto market often reacts positively to news of potential mainstream adoption or political support. This recent development has sparked renewed interest in various cryptocurrencies, including Bitcoin Cash, which shares some similarities with Bitcoin.
Read also: Kaspa Pattern Signals Bullish Breakout – Could KAS Surge 3x?
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