Bitcoin Cash Rallies to Nearly $650, Highest Level Since April 2024

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(CoinDesk) What to know : Bitcoin cash (BCH) has surged 7% to $646, reaching levels last seen in April 2024. The rally is likely due to shift in market sentiment following the Fed's rate cut and expectations of faster approvals of crypto ETFs in the U.S. Bitcoin's (BTC) offshoot bitcoin cash BCH $ 646.06 has rallied 7% to $647 in the past 24 hours, revisiting valuations last seen in April 2024, according to data source CoinDesk. The rally follows a period of extreme bearish market sentiment for the token, according to data tracking platform Santiment. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . "Historically, prices move in the opposite direction of the crowd's expectations. So, implementing a strategy of buying when the crowd is fearful and selling when the crowd gets greedy continues to work extremely well for most altcoins," Santiment said on X, explaining BCH's upswing. The token's rally aligns with the broader risk-on sentiment sparked by Wednesday's Fed rate cut and market expectations for continued liquidity easing in the coming months. Several tokens, including DOT, SUI, JUP, and NEAR, have seen similar gains in the past 24 hours, while smaller coins like PENGU have led the charge with impressive double-digit increases. Possibly greasing the Fed-led bullish market sentiment is the Securities and Exchange Commission's (SEC) decision to approve generic listing standards for commodity and crypto ETFs without undergoing individual reviews for each product. This move is expected to speed up the introduction of new products tied to a variety of tokens in the coming months. BCH's daily chart shows a bullish breakout. (CoinDesk/TradingView) BCH’s recent move builds on the bullish breakout confirmed two months ago. In July, its price surged above the upper boundary of a channel pattern formed by trendlines connecting highs from April and December 2024, and lows from August 2024 and April 2025. This breakout from a prolonged period of consolidation suggests that selling pressure has been absorbed, clearing the way for further upside. The immediate resistance to watch is the 2024 high at $719, which could be the next key hurdle for BCH to surpass. Bitcoin Cash cryptocurrencies Markets More For You Arca CIO on Why Crypto’s 2025 Rally Isn’t a True Bull Market and Why Some Tokens Have Outperformed By Siamak Masnavi , AI Boost | Edited by Aoyon Ashraf 41 minutes ago Arca’s Jeff Dorman says most digital assets are still deep in the red this year, making 2025 look more like a selective rally than a true bull market. What to know : Arca CIO Jeff Dorman said 75% of tokens he tracks are negative year-to-date, with over half down at least 40%. He argued that gains in BTC, ETH, SOL, BNB and XRP mask broader weakness in the market. Dorman said investors must now focus on revenue-generating tokens and disciplined projects rather than betting on broad-based altcoin surges. 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