Altcoins offer investors and traders an alternative choice to big cryptocurrencies throughout the market. For the reason that start of this week, these major cryptocurrencies like Bitcoin and Ethereum have continued to rocket upwards, pulling nearly all of the market with them. Bitcoin Money, a direct fork of Bitcoin, is seeing success after today’s 3% increase in total market cap.

In accordance with CoinGecko, the coin is up nearly 15%, making it the lead gainer of today’s market environment.

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Superb Market Conditions Spur Trader Interest

The tie between the normal and crypto markets can’t be understated. Major market indices just like the Dow Jones and the S&P 500 show a high correlation with major crypto assets like Bitcoin. This positive correlation thus gives the altcoin market a hand in situations like this one.

Investors, traders, and economists are eyeing several central bank meetings of G7 nations like Japan, the USA, and the UK.

Essentially the most notable of those is the highly likely US Federal Reserve September rate cut hinted at by US Fed’s Chair James Powell. Which means the Fed, and other central banks prefer it, are observing that the economy goes back to being healthy, thus not requiring measures like increasing rates of interest.

Bitcoin is now trading at $69,768. Chart: TradingView

Experienced and newbies alike also dove into the crypto derivatives market. In accordance with CoinGlass, BCH’s rocket upward contributed to more long-term investors entering the scene, introducing newer contracts to the market. Online analysts are also bullish on BCH continuing its strong run until next month.

$BCH Descending Channel Breaking out in 12H Timeframe✅

Expecting Bullish Wave📈#BCH #BCHUSDT #Crypto pic.twitter.com/O7PBegZ2px

— ZAYK Charts (@ZAYKCharts) July 28, 2024

These positive metrics leave bulls good enough ground to proceed their upward rise. Together with the halving event BCH experienced last April, the coin has since change into one other crowd favorite for its near-consistent performance.

Bitcoin Money: Will The Bullish Pace Proceed?

The general financial situation of the worldwide market may be summarized in a phrase: Very optimistic. Nevertheless, investors and traders in BCH should note that this bull run is a recovery attempt from months of bearishness.

Although the correlation between BTC and BCH is high, investors should still be cautious as this may also translate to BCH following Bitcoin downwards if it corrects to a more sustainable level.

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And this may also be the case. The bulls, after nearly a month of continuous gains, will eventually be left exhausted. Once the bears take over the market, we would see the token stabilize in its current price range of around $450.

It’ll take one other month of positive market conditions to proceed this type of movement. Investors and traders should then watch the broader economy and the upcoming Federal Open Market Committee decision as nearly all of the financial world’s decision will hinge on this metric.

Featured image from Medium, chart from TradingView