Bitcoin Cash Leads Weekly Gains Among Top Cryptocurrencies as Ethereum and Chainlink Decline
Bitcoin Cash (BCH) has risen 10% over the past week, consolidating above $602 as of September 7. It is currently the best-performing cryptocurrency in the top 20 by market cap, which stands at approximately $11.98 billion with a 24-hour trading volume of $326 million.
The rise in BCH price reflects traders seeking alternatives amid Bitcoin's (BTC) stalled performance below record highs. BTC hit an all-time high of $124,500 on August 14 but closed August at $108,300, down 6%. It remains consolidated around $111,000 with a slight 2% increase over the week.
- Ethereum (ETH) fell 4.1% to $4,288 due to profit-taking and reduced trading volumes following regulatory news impacting institutional interest.
- Chainlink (LINK) dropped 5.8% to $22.30 as traders locked in profits after a recent surge linked to US government data partnerships.
- ETH continues to face challenges despite a stable market cap of $517 billion, lagging behind peers like Solana and XRP.
Amid this volatility, speculative projects such as Maxi Doge (MAXIDOGE) are gaining traction. The presale for MAXIDOGE has raised over $1.9 million of its $2.2 million target, priced at $0.00025.
This week's trends illustrate how short-term market rotations are influenced by fading catalysts and regulatory signals within the cryptocurrency landscape.