What is the latest news involving the crypto assets Bitcoin Cash, Sei and Stellar? Also, what is their current and future price trend?
Let’s see all the details below.
Summary
Bitcoin Cash: 20% rally
Recently, Bitcoin Cash (BCH) and other major altcoins are marking an upward trajectory in their exchange values, thanks to a recent announcement indicating a favorable decision by the US federal appeals court.
The court indicated that the US Securities and Exchange Commission (SEC) made a mistake in rejecting Grayscale‘s application for a Bitcoin-based exchange-traded fund (ETF).
This news again highlighted the effect of positive regulatory news on the mood and overall valuation of the cryptocurrency market. This market has long been affected by fluctuations caused by regulatory uncertainty.Â
However, regulatory clarity events, such as the recent Grayscale ETF decision, have repeatedly demonstrated their potential in channeling positive sentiment among investors.
Regulatory approvals often represent signs of maturity and legitimacy, which can be interpreted as promising indicators for the future development of the industry.
This positive sentiment has generated growing interest not only in Bitcoin, but also in several alternative cryptocurrencies, including Bitcoin Cash.
Bitcoin Cash has shown a significant increase in value, with the price of the digital asset rising to $217, as reported by CoinGecko.Â
Over a 24-hour period, the coin posted an impressive 14.8% increase, which further expanded to 16% over the previous week.
These remarkable gains can largely be attributed to the positive ripple effect triggered by the Grayscale-SEC ruling, which has impacted the entire cryptocurrency landscape.
Focus on the price of the Sei crypto: comparison with Bitcoin Cash, Stellar and other coins
After a period of decline that extended for two weeks, leading to a reduction in the global cryptocurrency market capitalization to $1.03 trillion, there has been a recovery driven by tokens such as Sei, CyberConnect, and Akropolis, which has brought the capitalization account back to $1.1 trillion.
In particular, the token Sei (SEI) is positioned at the top of the list with a remarkable increase of 1,758% since its launch day on 14 August.
This asset was quickly listed on major exchanges such as Binance, Coinbase, and Bitfinex, resulting in a remarkable 2,600% increase only hours after launch.
In addition, over the past 24 hours, the value of the SEI token has risen 18%, currently stabilizing at $0.145. This asset is ranked 109th on CoinMarketCap (CMC), boasting a market capitalization of more than $262 million.
Following the trend, CyberConnect (CYBER) and Akropolis (AKRO) are followed by SEI, recording respective increases of 303 percent and 264 percent during August. The values of these assets stabilized at $7.27 and $0.017.
XLM’s bullish history: some analysis and considerations
A long-term analysis of the XLM price reveals the chronology of this cryptocurrency’s performance since its debut in 2015. Unlike many other cryptocurrencies launched during that period, Stellar’s price chart presents a positive outlook.
Over the years, Stellar’s price has experienced two bullish market phases, both of which were characterized by remarkably high valuations. In early 2018, XLM’s value reached an all-time high of $0.93.
Also, in the previous period of price growth, in May 2021, XLM reached as high as $0.80. An interesting aspect is that on both of these occasions, the monthly charts showed a close near $0.53.
This level is now to be seen both as significant long-term resistance and as a target to aim for in the next period of rising prices. If Stellar’s price were to reach this area from its current value of $0.12, a 350% increase would occur.
A further bullish signal is manifested through a long-term support line that has been present since April 2017. Over time, the most significant lows of the previous two bearish markets have confirmed the effectiveness of this line as support.
In addition to this, the price of Stellar has given rise to a rare long-term hidden bullish divergence. This phenomenon emerged when the RSI indicator showed a lower low in 2022 than the low recorded in 2020.
In contrast, during the same period, the price of XLM marked a higher low.
