The recent market recovery has sparked optimism among cryptocurrency investors, with some altcoins seeing significant gains.
Bitcoin Cash (BCH) recently broke out of a bullish technical pattern called a protected head and shoulders formation, leading to a 24% price increase in the past 15.3 hours.
As of January 29th, BCH’s trading price is around $100, making it one of the top performers alongside BSV among the top XNUMX cryptocurrencies. This increase has brought its market value to $897.3 million.
Several key factors have contributed to the recent price surge. One significant catalyst is the recovery of Bitcoin as well as the Bitcoin Cash amounts affected by the Mt. Gox hack. The resolution of this longstanding issue from 2014 has reignited interest in BCH. There have also been reports of significant whale activity.
Trading volume is also considered an important factor, with a daily volume of approximately $50.33 billion. High trading volume is often associated with a strong price trend, supporting bullish momentum and confirming the strength of price increases.
Attention is also focused on two smaller market cap cryptocurrencies with significant intraday gains. AIOZ Network, for example, rose by 27%, followed by the meme cryptocurrency Book of Memes (BoM) with a 20% increase.
Another top performer today (January 29th) is the Bitcoin Cash hard fork – Bitcoin SV (BSV). BSV has risen by over 15.4% in the past 24 hours, with a trading volume of $685,300.
