Close Menu
ADVERTISE

Bitcoin Cash is the best-performing L1 in 2017 with a 40% gain

Altcoins By
Can Shiba Inu's UAE Energy Ministry Alliance Push It to
Can Shiba Inu's UAE Energy Ministry Alliance Push It to

Bitcoin CashBCHIt has now become the “best performing” This year the Layer-1 asset outperformed all other major blockchain networks by almost 40%.

The new data shared Crypto Koryo analyst Crypto Coryo believes that Bitcoin Cash is (BCHBNB) (BNB), Hyperliquid (HYPE), Tron (TRXIt is a cryptocurrency that uses XRP as its currency.XRPMost other L1s, including Ethereum ( ) and Bitcoin ( ), saw modest gains. The majority of other L1s including Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Cardano (ADAPolkadots (DOTMany are down by more than half.

Koryo noted that Bitcoin Cash has a strong performance despite not having an official X Account. Analyst credited the performance to a mix of favorable supply dynamics and new catalysts for demand.

BCH does not have tokens that can be unlocked, nor any foundation treasury or venture capital overhang. This reduces the pressure on sellers. The “entire supply is circulating. No unlocks. No foundation, [no] VCs dumping,” Koryo is a writer.

BCH is the best-performing L1 for the entire year. Source: Crypto Koryo

Related: Three Binance Bitcoin charts point to the direction of BTC’s next big move

Bitcoin dips to $87K, then bounces back to $100K

Meanwhile, Bitcoin may be headed for a brief pullback before resuming its climb toward six figures, according to trader Michaël van de Poppe.

On a Sunday post On X, an analyst outlined a scenario bullish in which BTC drops to $87,000 before next week’s Federal Reserve Meeting, sweeping the recent lows, and setting up a rapid rebound.

Van de Poppe believes that the upward trend will resume when Bitcoin pushes past the $92,000 key level. This breakout, according to him, could lead to an uptrend towards $100,000 in one or two weeks. The outlook is based on what Van de Poppe believes to be a positive macro background, which includes reduced quantitative easing, rate cuts in the near future, and an increasing money supply.

He did identify two possible invalidation points. Losing $86,000 could lead to a shift to $80,000. Or failing to reach and maintain a level of $92,000.

Source: Michaël van de Poppe

Related: Bitcoin buries the tulip myth after 17 years of proven resilience says ETF expert

There is a possibility that the Bitcoin bull cycle will continue.

TXMC, a technical analyst who has been quoted by Cointelegraph as saying that Bitcoin is gaining in value. “liveliness” The indicator of coin spend versus hold, an historical measure, is again climbing. associated with bull market phases.