Bitcoin Cash Shines Amid Altcoin Bloodbath, Volume Jumps 32%

Amid the downward trend that hit altcoins in the last 24 hours, Bitcoin Cash ($BCH) has defied the odds. The asset has seen a spike in volume and an appreciable increase in price outlook. CoinMarketCap data shows that $BCH registered an over 32% increase within this time frame.

Institutional and retail demand for $BCH drive momentum

Notably, the spike came as institutional interest in Bitcoin Cash pushed the asset’s open interest up by over 23%. There was also an increase in retail interest following the bullish performance of $BCH in July. Notably, the coin outperformed Bitcoin, the leading digital asset, by 20% in July.

Bitcoin Cash’s Relative Strength Index (RSI), which is at 58.85, confirms the asset’s bullish momentum, leading to increased activity by investors. This has pushed trading volume up by 32.12% to $703.98 million.

With volume over $500 million, market participants need to keep a watchful eye on the asset as sentiments could easily shift from neutral to greed.

Bitcoin Cash has recorded a boost in price as the coin reached an intraday peak of $618.56 before witnessing a major correction. As of this writing, $BCH was changing hands at $601.39, representing a 0.95% increase in the last 24 hours.

Can Bitcoin Cash hold $600 level?

The current bullish momentum of Bitcoin Cash was ignited within the week as it formed a golden cross on its hourly chart. At the time, $BCH was trading at $560, but the asset has since gained over $40 to flip the $600 price level.

The price uptick has increased Bitcoin Cash’s ranking in the cryptocurrency market. It has climbed from the 15th position and now ranks 14th. The asset is on a bullish wave despite the struggling outlook of most altcoins.

However, with price trading near $600, market watchers are monitoring to see if ecosystem bulls have enough momentum to keep it from crashing below this level.