Bitcoin Cash (BCH) extended its three-month rally, now doubling in price since the lows in April. BCH remains close to $500, with increasing social media mentions.
Bitcoin Cash (BCH) is yet another ‘dinosaur’ coin to reawaken in the past few months. As BTC made new all-time highs, traders returned to BCH, renewing its narrative after years of neglect.
BCH already broke above $600 during the November 2024 rally, showing it was still capable of tapping market hype. The coin added more than 10% in a day, sparking hopes for an even larger breakout. Traders also noted BCH is trying to eat through a sell wall, potentially jumping to a higher range once the selling pressure decreases.
Bitcoin Cash (BCH) posted almost non-stop gains in the past month, sparking renewed social media interest after years of low mindshare. | Source: CoinGecko
Currently, BCH trades just under $500, after consecutive weeks of extended gains. The coin also extended its trading volumes to a three-month peak, at over $627M.
The recent Bitcoin Cash rally seems to be driven by social media hype. Mentions surged as the price began to recover, pushing it to a new peak for 2025. Based on social media metrics, BCH is having its 2025 moment.
Recently, BCH even flipped SUI, one of the trending L1 chains with expanding usage and DeFi. However, until recently, BCH social media were mostly silent, as this time there were no influencers to boost the asset’s adoption. Compared to newer assets, BCH is considered a dead chain, as it has lagged behind the recent Web3 use cases. The coin retains its usage as a simple payment tool, due to the predictable fees.
BCH open interest increased to a six-month high, at over $364M. The coin’s long to short ratio is balanced, with no potential for a short squeeze.
Bitcoin Cash usage still lags
The recent spike in BCH price activity is not reflected by on-chain metrics. Bitcoin Cash is still a niche coin, with relatively low usage.
The recent price rally may increase long-term holding, in expectation of a recovery to a higher price range. Currently, only around 300K BCH change hands each day, despite the relatively low fees, moving just 1.5% of the supply.
The chain carries around 55K daily active addresses, as BCH still mostly serves as a regular coin, with limited DeFi use cases and cross-chain capabilities. Formerly, the BCH team focused on solving the issues of flexible difficulty adjustment, to avoid the effects of competing BTC miners switching between chains.
The BCH mining activity fluctuated between 3 and 7 EH/s in the past year. Previously, BCH was used by mining pools with spare SHA-256 capacity, as miners switched to the other chain when the rewards were more favorable.
In the past year, the Bitcoin Cash hashrate has not seen any dramatic fluctuations, as BTC miners kept to their own network with sufficient profitability. Only on occasional days is the BCH hashrate slightly higher, though quickly falling to the baseline.
BCH is currently profitable to mine even for older equipment, keeping the network relatively stable. Despite this, BCH mining rates have remained close to the levels of 2018, while the BTC network expanded by more than 20 times.
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