Bitcoin Cash (BCH) Price Surges Past Litecoin in $6B Market Cap Race | CPT PPP Coverage

Key Insights:

• Bitcoin Cash (BCH) price briefly crossed the $280 on Feb 12, sending its market capitalization soaring above Litecoin (LTC) for the first time in 2024. 
• Over the last 6-months Bitcoin Cash price has outperformed Litecoin significantly. 
• Trading volume charts further emphasize that BCH is attracting more investor interest than LTC. 

Bitcoin Cash price crossed $280 on Feb 12, as its 20% rally saw BCH soar above Litecoin (LTC)  in the race to breach the $6 billion market capitalization  milestone in 2024.

BCH has gained momentum since the ongoing crypto market rally began in October. This week it has surpassed Litecoin (LTC) in terms of market capitalization.

What are the bullish catalyst driving up BCH and LTC prices, and market trends to expect in the coming weeks?

Bitcoin Cash Outperformed Litecoin in the last 6-months. 

Bitcoin Cash (BTC) are two rival Proof of Work networks hard forked from Bitcoin (BTC) to create a lightweight and more scalable alternative peer-to-peer payment systems. 

The ongoing crypto market rally has had a varying impact on the top 3 mega cap Proof of Work (PoW) coins. 

The historical price chart below shows that BTC and BCH have recorded 96% and 41.4% gains respectively, between October 11 2023 and February 16 2024.

Meanwhile, LTC has only mustered a modest 17% upswing during that period. 

Evidently, Litecoin price has struggled for momentum since its most recent halving in August 2023. Currently trading at $70, LTC price is down 30% from its pre-halving price. 

BCH has now surpassed Litecoin market capitalization

More importantly, looking beyond the short-term price swings, BCH has now overtaken LTC market capitalization.

The Santiment chart below shows that BCH market cap climbed to a 2024 peak of $5.4 billion dollars before mild pullback sent it $5.3 billion at the time of writing on Feb. 16, while the Litecoin ecosystem is currently valued at $5.1 billion.

Bitcoin Cash on the flipside, has attracted the attention of large institutional investors in recent weeks. On Feb 12, BCH price hit a new 2024 peak at $289.4, bringing its year-to-date gains to the 30% mark. 

Is it better to Buy Litecoin (LTC) or Bitcoin Cash (BCH)

BCH has surpassed Litecoin in the race to reach the $6 billion valuation milestone. And considering the heightened trading volume and increased short-term price momentum in BCH looks set to stretch the lead further.

Over the last 3 months, BCH has consistently recorded much higher spikes in trading volume than LTC. During the most recent upswing, Bitcoin Cash has reached a peak trading volume $730.4 million for February 2024 dwarfing LTC’s $315.5 monthly peak trading volume by more than 100%.  

LTC relatively flat price action, relatively lower daily volumes could prove dissuasive to swing traders. But in contrast, deeper inquest into the Bitcoin cash on-chain data trends further affirms that whale investors are piling into BCH, a move that will likely trigger another leg-up in the days ahead. 

In essence, a higher trading volume depicts greater market participation within the BCH ecosystem compared to Litecoin.

Strategic investors could interpret this as a vital signal that BCH has better short-term price prospects than LTC. 

 

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