Bitcoin Cash (BCH) has registered massive gains in the last few days, carving a 58% green candle on March 2. Meanwhile, the network’s hashrate surged to an all-time high record, which can fuel a continuation.
Notably, Bitcoin Cash has a $9.40 billion market cap – 130 times lower than the $1.20 trillion Bitcoin (BTC). Both originated from the same chain, created by Satoshi Nakamoto, and followed different paths in 2017 during the blocksize wars.
As of writing, BCH trades at $479, while BTC is at $61,840. This evidences the huge gap between them despite having the same economic fundamentals. Interestingly, Bitcoin Cash is rallying 78.5% in the weekly candle, moving from $268.
The recent surge is a continuation of the 185% gains observed in the two final weeks of July 2023. In particular, BCH broke from the 50-week exponential moving average (EMA), ranging slightly above the EMA since then.
Now, Bitcoin Cash tests a multi-year resistance and previous support in 2021. Breaking out from this zone could drive BCH’s price to last cycle’s highs at $1,642.5, for 240% gains.
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