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Bitcoin Cash (CRYPTO: BCH) is trading higher by 6.1% to $431.57 Thursday. Shares of several crypto-related stocks and altcoins are trading higher amid strength in Bitcoin and amid the apex crypto hitting a new all-time high this week.
Historically, during bullish phases in the cryptocurrency market, investors often diversify their portfolios beyond Bitcoin into alternative cryptocurrencies, commonly referred to as altcoins. Bitcoin Cash, being one of the major altcoins, tends to benefit from this trend as investors seek opportunities for higher returns.
The growing interest from institutional investors and corporations in the broader cryptocurrency market extends beyond Bitcoin to include other digital assets like Bitcoin Cash. Institutional adoption, through avenues such as investment funds, custody solutions or acceptance as a means of payment, can significantly impact Bitcoin Cash’s valuation as it gains recognition as a legitimate asset class.
See Also: Bitcoin, Ethereum, Dogecoin Rise As Investors Buy The Dip
On March 6, newly launched Bitcoin spot ETFs attracted significant interest, with total net inflows hitting $332 million. Despite a $276 million outflow from Grayscale Bitcoin Trust (GBTC), BlackRock’s iShares Bitcoin Trust (IBIT) led in net inflows, drawing $281 million.
This surge followed Bitcoin’s first spot ETF approval in January 2024, marking a milestone with Bitcoin priced at $46,376 at the time of approval…Read More
