Bitcoin Cash

In the wake of the recent hype around spot <a href="https://finbold.com/guide/what-is-bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin exchange-traded funds</a> (<a href="https://finbold.com/etfs/" rel="noopener noreferrer nofollow">ETFs</a>), crypto markets have rebounded drastically, adding $60 billion to the global <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> cap over the past week.During that period, one cryptocurrency performed particularly well. Namely, Bitcoin Cash (<a href="https://finbold.com/cryptocurrency/bitcoin-cash/" rel="noopener noreferrer nofollow">BCH</a>) soared more than 100% in the past 7 days and is currently the best-performing cryptocurrency in terms of weekly price appreciation among the top 100 <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a> by market cap, according to data retrieved from CoinMarketCap on June 27.Other crypto assets that experienced substantial gains across the same time frame include Pepe (<a href="https://finbold.com/topic/pepe/" rel="noopener noreferrer nofollow">PEPE</a>) with almost 70%, and Bitcoin SV (<a href="https://finbold.com/cryptocurrency/bitcoin-sv/" rel="noopener noreferrer nofollow">BSV</a>) with 47.3%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/01252d18597d4d5582c2ae99b8fdb1e0.jpg" />Best-performing cryptocurrencies in the past 7 days. Source: CoinMarketCap<h2 id="header-0">Bitcoin Cash price analysis</h2>At the time of writing, BCH was changing hands at $219.8, up more than 13% in the past 24 hours.On the weekly chart, the cryptocurrency skyrocketed by more than 106.2%, from $106.4 to the current price. Over that period, Bitcoin Cash’s market cap increased by around $2.19 billion to $4.25 billion.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/208762dbe1ae4b3199ffea724b3f0c6d.jpg" />BCH 1-week price chart. Source: FinboldYear-to-date, BCH surged over 127%.<h2 id="header-1">Why is BCH price skyrocketing?</h2>Bitcoin Cash’s remarkable rally comes amid a wider crypto market <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull</a> run, driven by investors’ optimism around institutional crypto adoption.On June 15, the world’s largest asset manager BlackRock <a href="https://finbold.com/massive-adoption-alert-blackrocks-ceo-once-said-zero-clients-interested-in-crypto/" rel="noopener noreferrer nofollow">filed</a> with the US Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) to launch a spot Bitcoin ETF, a move that would enable investors to access crypto through one of the biggest Wall Street firms.In the following days, several other prominent financial institutions <a href="https://www.cnbc.com/video/2023/06/21/bitcoin-pops-wisdomtree-invesco-join-bitcoin-etf-rush-cnbc-crypto-world.html" rel="noopener noreferrer nofollow">followed up</a> with similar applications, including Invesco, Valkyrie, and WisdomTree.As a result, market sentiment substantially improved, <a href="https://finbold.com/bitcoin-skyrockets-20-in-a-week-to-hit-30000-amid-institutional-backing/" rel="noopener noreferrer nofollow">pushing</a> Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) above $30,000 and other crypto prices deep into the green.<h2 id="header-2">BCH social dominance hits 3-year high</h2>Moreover, Bitcoin Cash’s price was further boosted after the <a href="https://www.businesswire.com/news/home/20230620110605/en/Digital-Asset-Platform-EDX-Markets-Begins-Trading-and-Completes-New-Funding-Round" rel="noopener noreferrer nofollow">launch</a> of <a href="https://finbold.com/top-global-financial-firms-fidelity-charles-schwab-and-citadel-unveil-crypto-exchange-for-us-investors/" rel="noopener noreferrer nofollow">EDX Markets</a> – a new crypto exchange backed by popular institutional investors such as Fidelity Investments, Citadel Securities, and <a href="https://finbold.com/guide/buy-bitcoin-with-charles-schwab/" rel="noopener noreferrer nofollow">Charles Schwab</a>.Consequently, Bitcoin’s social dominance rose to the highest level in three years, according to Santiment <a href="https://twitter.com/santimentfeed/status/1672443431602491392" rel="noopener noreferrer nofollow">data</a>.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/2a20f1f1bba74d1cbe2aba4687581861.PNG" />Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin Cash climbs 100% in a week adding over $2 billion to market cap

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