Bitcoin Cash (BCH) has performed strongly this year, achieving an annual increase of nearly 40%, making it the "best-performing" Layer 1 blockchain asset, significantly outpacing other mainstream blockchain networks.

According to the latest data released by analyst Crypto Koryo, BCH's increase leads projects like BNB (BNB), Hyperliquid (HYPE), TRON (TRX), and Ripple (XRP), which have only recorded slight gains. Meanwhile, most Layer 1 blockchains, including Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT), remain deeply entrenched in a downward trend this year, with several experiencing declines of over 50%.

Notably, Koryo pointed out that Bitcoin Cash's ability to stand out without an official X account is primarily due to its healthy supply structure and new demand drivers.

On the supply side, BCH has no token unlocks, no foundation treasury, and no venture capital sell pressure, resulting in significantly lower selling pressure compared to similar assets. Koryo stated, "The entire supply of BCH is in circulation, with no unlocks, no foundation, and no VC dumping."

At the same time, trader Michaël van de Poppe indicated that Bitcoin may experience a brief pullback before continuing its march towards six figures.

In a viewpoint published on X on Sunday, this analyst outlined a bullish scenario: BTC could drop to around $87,000 before next week's Federal Reserve meeting, clearing recent lows to set the stage for a subsequent rapid rebound.

Van de Poppe anticipates that once Bitcoin retests support and breaks through the critical $92,000 level, the upward trend will resume. He believes this breakout could open the door for Bitcoin to reach $100,000 within one to two weeks. He links this outlook to macro factors, including a decrease in quantitative tightening, an upcoming rate cut cycle, and liquidity expansion.

However, he also pointed out two key conditions that could invalidate this view: first, if Bitcoin falls below $86,000, it could trigger further declines to $80,000; second, if it fails to break and hold above $92,000.

As previously reported by Cointelegraph, technical analyst TXMC noted that Bitcoin's "activity" indicator is rising again. This indicator reflects long-term behavior by measuring the ratio of on-chain token spending to holding, and its increase is historically correlated with Bitcoin being in a bull market phase.

The analyst stated that even though Bitcoin's price has been sluggish recently, the "activity" is still rising, indicating that the potential demand for spot Bitcoin is stronger than what price performance suggests. This indicator rises when old coins start moving and falls when long-term holders continue to accumulate.

Related: Solana (SOL) price faces resistance at the $140 mark, reshaping the competitive landscape of altcoin ETFs and crypto market demand.

Original: “Bitcoin Cash Rises Nearly 40% to Become the Best-Performing L1 Blockchain”

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