Bitcoin Cash (BCH) has surged past Litecoin (LTC) in the quest to achieve a $6 billion market capitalization, with its price soaring above $280 on February 12. This 20% rally in the past week propelled BCH ahead of LTC, marking a significant development in the cryptocurrency market in 2024.
The recent momentum behind Bitcoin Cash has seen it outperform Litecoin in terms of market capitalization. Both BCH and LTC originated as rival Proof of Work networks forked from Bitcoin (BTC), aiming to establish more lightweight and scalable peer-to-peer payment systems.
While the broader crypto market rally has led to substantial price gains for mega-cap Proof-of-Work coins like BTC and BCH, Litecoin has struggled to gain significant traction. Despite a modest 20% increase between October 16, 2023, and February 14, 2024, LTC has faced challenges in maintaining momentum since its most recent halving in August 2023. Currently trading at $70, LTC’s price reflects a 30% decline from its pre-halving levels.
In contrast, Bitcoin Cash has garnered attention from large institutional investors in recent weeks, pushing its price to a 2024 peak of $289.4 on February 12. With year-to-date gains exceeding 30%, BCH has now overtaken LTC in terms of market capitalization. As of February 14, BCH’s market cap stands at $5.3 billion, surpassing Litecoin’s ecosystem valuation of $5.1 billion.
Given Bitcoin Cash’s heightened trading volume and increased short-term momentum, it appears poised to extend its lead over Litecoin in the race towards the $6 billion valuation milestone. BCH has consistently recorded significantly higher spikes in trading volume compared to LTC over the past three months, with February 2024 witnessing BCH reaching a peak trading volume of $730.4 million, dwarfing LTC’s $315.5 million.
Moreover, whale investors have shown a growing interest in Bitcoin Cash, with addresses holding balances of 100,000 BCH steadily accumulating over recent months. Between January 1 and February 14, these whales acquired a total of 50,000 BCH, amounting to approximately $11.6 million. This intensified buying pressure from crypto whales suggests further bullish momentum for BCH in the days ahead, potentially widening its lead over LTC in the cryptocurrency market.
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