Bitcoin Cash Investors Reap Profits as Price Surges
– Short and long-term holders of Bitcoin Cash (BCH) are currently enjoying profits.
– On-chain data from Santiment reveals that the average returns for 30-day and 365-day holders have risen above their average cost price.
– This is the first time in 10 weeks that this cohort of BCH investors is seeing profit.
– Data from IntoTheBlock shows that 59% of all BCH investors are in the green, while 38% are in the red and 3% are in neutral territory.
– More long-term investors are in profit compared to short-term investors, reinforcing the belief in the value of buying and holding cryptocurrencies.
Will BCH be able to Maintain its Surge?
– The recent spike in BCH’s price has led to many short and long-term holders being in profit.
– The activity of whales, who likely played a part in the price rise, will determine whether BCH can continue to appreciate.
– If whales continue to put buying pressure on the coin, the price could continue to rise.
– However, a shift from buy to sell among these large holders could quickly crash the price.
– Presently, Bitcoin Cash is trading at $219, with a 14.57% increase in the last week.
Hot Take: Bitcoin Cash Investors Rejoice as Price Soars
Bitcoin Cash investors are currently enjoying profits as the price of BCH has surged. Short and long-term holders have seen their average returns rise above their cost price, indicating a profitable position. This positive trend is supported by data from IntoTheBlock, which shows that a majority of BCH investors are in profit. The surge in BCH’s price can be attributed to recent whale activity in the market. However, the future of BCH’s price depends on the continued buying pressure from these large holders. If they shift to selling, the price could crash. Nevertheless, BCH is currently trading at $219, reflecting a significant increase in the last week.
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