Only a week has passed since the major crypto market downtrend took place. The FTX incident has shaken the entire cryptocurrency industry and things are getting worse by the day.
Due to the FTX crash, many economists are expecting a market contagion. This means that all of the cryptocurrency firms that were financially linked with FTX would face a major crash.
This could mean another major setback for the entire cryptocurrency industry that may take a while to fade away.
While the industry was trying to recover from the Terra network crash, it is faced with yet another major crash.
Market analysts are not sure when the recovery would start for the overall crypto but a few cryptocurrencies are moving against all odds.
Some crypto has been demonstrating strong performances despite the market downtrends. It is quite an achievement for a crypto that is experiencing an uptrend despite the general market downtrend.
Bitcoin Cash (BCH) Experiences a Rally
On Wednesday, the entire cryptocurrency market saw how the trading price of Bitcoin Cash moved higher. The price moved in a positive direction despite the overall market decline.
The entire Bitcoin Cash community was glad to see that the price of the asset had hit a one-week high on Wednesday.
On Tuesday, investors could see the trading price of BCH at a low trading level of $103.09. However, the bulls came into action and they were able to push its price higher.
The intraday trading session on Wednesday for Bitcoin Cash saw the price of BCH rise to a high of $109.09. The price difference shows that BCH has experienced a 5.8% surge in value in the past 24 hours.
BCH Price is improving
The analysts are surprised to see that the price of BCH is moving higher and it is aiming for a higher figure in near future.
Prior to the FTX exchange crash, the trading price of BCH was at a high of $120. However, the price of BCH plunged following the FTX disaster.
Although it followed the overall market trend initially it soon made its own path and has been rising since then.
If BCH continues gaining momentum the same way it has gained in the past 24 hours, BCH’s price would move up to $120. Chances are, the asset may even cross the particular level to hit higher levels.
The reason behind BCH’s price surge could be attributed to the latest announcement made by St. Kitts and Nevis. It is an island in the Caribbean that aims to adopt BCH as a legal tender in Q1 2023.
Following the news, the trading price of BCH has started to move in the upward direction without experiencing a price dip.