• The daily count of addresses trading BCH has rallied to a one-month high.
• However, the coin’s price could decline further.

The number of unique active addresses involved in Bitcoin Cash [BCH] climbed to a one-month high during the intraday trading session on 3 October, data from Santiment revealed.

Is your portfolio green? Check out the BCH Profit Calculator

BCH saw a surge in network activity due to its statistically significant correlation with leading coin Bitcoin [BTC], whose price rallied above the key resistance level of $27,800 to exchange hands briefly above $28,500 on 2 October. 

According to information from the on-chain data provider, BCH recorded a daily active address count of 163,890 on 3 October, its highest since mid-August. 

A price surge or otherwise?

BCH exchanged hands at $229.15 at press time, logging a 6% price decline in the past 24 hours. Failing to initiate any price rally following BTC’s brief stint above $28,000, BCH has suffered a price decline since the month began.

According to data from CoinMarketCap, the coin’s value has since dropped by 2%. The growth in daily active addresses within the same period hints at the re-emergence of bullish sentiments in the market, according to the Price-Daily Active Address Divergence model.

According to Santiment, this metric tracks the relationship between an asset’s price and the daily active addresses interacting with the asset.

It is often used to identify potential buying and selling opportunities. According to the model, when an asset’s price rises while the daily count of acti

Go to Source to See Full Article
Author: Abiodun Oladokun

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details