Why has the price of Bitcoin Cash gone up 100% so quickly?


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Like Bitcoin which has increased dramatically past $30,000, Bitcoin Cash has also experienced a an impressive leap for the past seven days.

This sudden move in the price of BCH did not fail to attract the attention of investors, which was fast support the bullish movement of cryptocurrency. It also influenced other crypto projects that gained increased support for their potential.

Bitcoin Cash value increases by 118% in one week

The latest analysis of the Bitcoin Cash price chart shows the explosion of the cryptocurrency. Open Interest for Bitcoin Cash Token Futures levels reached in May 2021.

In the last seven days, the price of BCH has more than doubled (118%), rising one of the best performing signs in the category of cryptocurrencies with a market capitalization of over $1 billion.

The various analyzes carried out show that the open interest on BCH futures contracts has increased over $400 million this Monday. By comparison, they were only worth $75 million the week before.

Most of the interest in the trades came from the cryptocurrency platform Binance, where traders opened positions, long or short, in BCH worth $240 million.

Some explanations

For some analysts, the increase in the price of the token is explained by several aspects. At the start, open interest on futures contracts related to BCH after a rise, either because new money is pouring into the market or because existing participants are increasing their allocation.

It is a measure that can be used as an indicator to determine market sentiment and strength of price trends. The network update was probably also a listing on an influential exchange platform the two main catalysts of the sudden renewed interest in BCH.

This is what happened in May, when Bitcoin Cash was the subject of a hard fork, which improved network security and privacy. BCH also benefited from the launch of EDX Markets.

As such, it is a new exchange platform supported by leading traditional financial players such as Fidelity Digital Assets, Charles Schwab and Citadel Securities. It opened last Tuesday, supporting BCH as well as Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).

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DeeLance: An alternative to independent Web2 platforms

The DeeLance project is an innovative platform that seeks to transform the economics of free work and recruitment by adopting the principles of decentralization and blockchain. DeeLance offers a new approach to online recruiting by leveraging Ethereum blockchain technology.

Project leaders describe it as a new Web3 recruiting platform that will simplify, speed and reduce costs in the process of hiring freelancers. Using the Ethereum blockchain, DeeLance offers clients and freelancers a transparent, secure and cost-effective recruitment solution.

DeeLance’s native token is the DLANCE. It can be used to transact within the platform, allowing clients to pay freelancers for their work. In addition, DLANCE plays an important role in the governance of the platform, allowing token holders participate in decisions regarding the development of the system.

Also, since the start of its pre-sale phase, DeeLance has achieved a significant amount of success $1.4 million. You still have the opportunity to join the movement by purchasing tokens at a unit price $0.043.

Crypto-assets are a risky investment.

Cosmos (ATOM)

ATOM is the native cryptocurrency of Cosmos, a blockchain project that aims to solve the problem of interoperability between different blockchains. The Cosmos project aims to create an ecosystem of interconnected blockchains, which allows a transparent and secure transfer of data and values ​​between the different chains.

As a native token of the ecosystem, ATOM’s primary utility is to power the Cosmos platform. ATOM holders can participate in the process of securing and controlling the Cosmos blockchain, including by validating transactions and vote on network update proposals.

In addition, ATOM is also used as a payment method for transaction fees on the Cosmos network. So anyone who wants to build or use applications built on Cosmos must pay transaction fees using ATOM. The token is trading today at the price of $9.31.

Wall Street Memes

The Wall Street Memes (WSM) crypto project is a meme coin founded by a team of Web3 industry professionals. Indeed, those responsible for the WSM project have already been extremely successful their collection of NFTs known as “Wall Street Bulls”, which sold out in just 32 minutes, earning them $2.5 million.

Wall Street Memes is inspired by the subculture and craze generated by the WallStreetBets subreddit. This subreddit is gained popularity following the events of the GameStop and AMC short sales in 2021.

The main goal of WSM is to reward holders as the Wall Street Memes community continues to grow. The community is already included 1.1 million members, showing a certain level of participation and interest.

Also, the pre-sale is still going on and the price is currently at $0.0304. It has already been extremely successful since individuals have already purchased for more than $10 million of WSM signals.

Crypto-assets are a risky investment.

Sources: CoinMarketCap / DeeLance / Wall Street Memes

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This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can result in significant losses. You should only invest what you can afford to lose and do your own research before making any investment decision.

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