In the wake of the recent hype around spot Bitcoin exchange-traded funds (ETFs), crypto markets have rebounded drastically, adding $60 billion to the global crypto market cap over the past week.
During that period, one cryptocurrency performed particularly well. Namely, Bitcoin Cash (BCH) 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 cryptocurrencies 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 (PEPE) with almost 70%, and Bitcoin SV (BSV) with 47.3%.
Bitcoin Cash price analysis
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.
Year-to-date, BCH surged over 127%.
Why is BCH price skyrocketing?
Bitcoin Cash’s remarkable rally comes amid a wider crypto market bull run, driven by investors’ optimism around institutional crypto adoption.
On June 15, the world’s largest asset manager BlackRock filed with the US Securities and Exchange Commission (SEC) 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 followed up with similar applications, including Invesco, Valkyrie, and WisdomTree.
As a result, market sentiment substantially improved, pushing Bitcoin (BTC) above $30,000 and other crypto prices deep into the green.
BCH social dominance hits 3-year high
Moreover, Bitcoin Cash’s price was further boosted after the launch of EDX Markets – a new crypto exchange backed by popular institutional investors such as Fidelity Investments, Citadel Securities, and Charles Schwab.
Consequently, Bitcoin’s social dominance rose to the highest level in three years, according to Santiment data.
