To nobody’s surprise, Bitcoin and Ethereum have always been the showstoppers as the 2 largest cryptocurrencies in the world. Be it in terms of attention from conventional media, institutional investors, or retail investors. But this time stealing the show are the spin-off hard fork Bitcoin Cash and Ethereum Classic.
Both Bitcoin Cash (BCH) and Ethereum Classic (ETC) following the lead of Dogecoin are on a tear in the market currently. According to data, BCH has surged 125% in just the last 14 days and ETC has surged even higher i.e 250%.
BCH was at a low of $523 in April and currently is trading at $1,184.13 with a market cap of $22.16B. and ETC was at $13.30 and rose to its ATH of $ 46.53 yesterday.
Reasons Behind Bitcoin Cash & Ethereum Classic Price Surge
At the beginning of April, momentum for Bitcoin Cash started to catch the beat as the Crypto markets, in general, gained better exposure from conventional media, investors, and financial markets.
There has been an observation made that new investors in the market look for the older coins with lower valuations to venture Into the market. rather than going after giants Bitcoin and Ether. As they are a cost-effective and more feasible option. This could be one of the reasons behind the sudden surge in this bull cycle.
On the other hand, Ethereum Classic like Dogecoin is getting its fair share of attention on social media. It was ranked third out of ten trending tickers on Stocktwits.com
Also, the ETC’s network hash rate has steadily risen in tandem with the price of ETC over the last six months, which has made the network more appealing to interested miners and increasing overall security.
Flagship coins like BCH and ETC may see more price growth as more players enter the crypto market in search of feasible options for investment and trading.