Bitcoin Cash (BCH) has surged by 5% in the past 24 hours, reaching an eight-month high of $528, despite weak performance in Bitcoin (BTC) and the broader market. Trading volume tripled at one point, with over 120,000 BCH changing hands, indicating strong buyer interest.
The BCH/BTC pair has risen nearly 20% in four weeks, hitting a six-month high of 0.0049. A bullish golden cross formed as the 50-day SMA crossed above the 200-day SMA, signaling potential for further upward momentum.
However, on-chain fundamentals remain weak, with daily active addresses at six-year lows, suggesting the rally is driven more by speculation than network usage.