The bulk of cryptocurrencies are currently showing significant gains today, on June 21, as their prices skyrocket and trend firmly in the positive.
Bitcoin Cash (BCH), one of the top three performers in terms of price growth over the past 24 hours among the top 100 cryptocurrencies by market capitalization, stands out among these digital currencies. Flow (FLOW) and Conflux (CFX) are participating in this noteworthy increase alongside Bitcoin Cash.
BCH's price increased from $104 to $129 over the past day, increasing its market value by $450 million. With this increase, the cryptocurrency's market valuation has increased by more than 21% from $2.07 billion to over $2.52 billion today.
It's interesting to note that the most recent increase came after the cryptocurrency momentarily dipped below the crucial support level of $100 earlier this month.
Prior to the most recent price increase, BCH's price has been pretty flat on a weekly chart.
Why is the BCH rally taking place?
BCH, a 2017 fork of Bitcoin, saw its price soar on Wednesday amid a larger market upswing that was driven by the top cryptocurrency, Bitcoin (BTC), which gained more than 7% over the preceding day and added more than $40 billion to its value.
Unsurprisingly, Bitcoin's upward movement sent several altcoins into the black; substantial gains of 8.4%, 7.8%, 19.7%, and 6.8% were recorded, respectively, by Litecoin (LTC), Cardano (ADA), Stacks (STX), and Polygon (MATIC). Over the same time frame, Solana (SOL) and Ethereum (ETH) both had price increases of over 5%.
The opening of EDX Markets, a cryptocurrency exchange supported by a number of well-known institutional investors, including Citadel Securities, Fidelity Investments, and Charles Schwab, is another reason that probably played a role in BCH's strong climb.
In addition to BTC, ETH, and LTC, Bitcoin Cash is now one of only four cryptocurrencies available on the EDX market.
