The recent market recovery has sparked optimism among cryptocurrency investors, with some altcoins experiencing significant gains.
Bitcoin Cash (BCH) recently broke out of a protected head and shoulders pattern—a bullish technical formation, leading to a 24% price increase in the past 15.3 hours.
As of January 29th, BCH’s trading price is around $100, making it one of the top performers alongside BSV among the top ten cryptocurrencies. This increase in market capitalization brings it to $897.3 million.
Several key factors have contributed to the recent price surge. One significant catalyst is the recovery of Bitcoin, as well as the Bitcoin Cash amounts affected by the Mt. Gox hack. The resolution of this long-standing issue from 2014 has reignited interest in BCH. There have also been reports of significant whale activities.
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Trading volume is also considered a crucial factor, with a volume of approximately $50.33 billion in the last 24 hours.
High trading volume is often associated with strong price movements, supporting the bullish trend and confirming the strength of the price increase.
Attention has also been focused on two smaller market cap cryptocurrencies with significant intraday gains. AIOZ Network, for example, saw a 27% increase, followed by the meme cryptocurrency Book of Memes, which increased by 20%.
Another top performer today (January 29th) is the Bitcoin Cash hard fork—Bitcoin SV (BSV). In the past 24 hours, BSV has risen by over 15.4%, with a trading volume of $6.853 million.
