The post Here’s Why Bitcoin Cash (BCH) Is Up Today? appeared first on Coinpedia Fintech News
Bitcoin Cash, a cryptocurrency that is a fork of Bitcoin, has seen a sharp rise today, jumping nearly 12%, trading around $588, making it one of the top-performing cryptocurrencies.
While Bitcoin and most other major coins are trading in the red, Bitcoin Cash’s sudden surge has surprised the market, raising questions about what’s driving the rally.
Strong Buying Interest Drives Bitcoin Cash Higher
One key reason behind Bitcoin Cash’s sharp rise is strong interest from retail traders. BCH started moving higher after the latest US inflation data showed CPI at 2.7%, which improved overall market sentiment.
At the same time, the coin has seen strong independent momentum, largely ignoring the Bank of Japan’s recent rate hike to 0.75%.
On top of it, data from Binance shows top traders are increasing their long positions in Bitcoin Cash. Both the number of traders betting on
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