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Bitcoin Cash BCH/USD is trading higher by 14% to $369.19 over the past week following a recent surge in inflows into Bitcoin and Ethereum exchange-traded funds (ETFs). This uptick, driven by shifting U.S. political dynamics that favor cryptocurrencies, saw Bitcoin and Ethereum ETFs accumulate a total of $407 million in new inflows.
What’s Happening: The turning point came after the U.S. vice presidential debate, which analysts are saying led to a shift in polling favoring Republicans, widely viewed as more supportive of cryptocurrencies.
This political shift, rather than traditional economic factors, played a key role in attracting significant inflows, particularly from U.S.-based investors. As Bitcoin and Ethereum experienced rallies, Bitcoin Cash, a prominent offshoot of Bitcoin, also surged.
Created in 2017 as a hard fork of Bitcoin to address scalability issues, Bitcoin Cash has historically benefited during periods of increased interest in its parent cryptocurrency. As Bitcoin has seen massive inflows and prices surged, Bitcoin Cash followed, lifted by the “Bitcoin effect.”
Read Also: 3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play
What Else: Broader inflows into cryptocurrency ETFs, such as the iShares Bitcoin Trust IBIT and Fidelity Wise Origin Bitcoin Fund FBTC, have also extended to the altcoin market this week, boosting interest in assets like Bitcoin Cash. As attention focused on Bitcoin’s performance, Bitcoin Cash became an appealing choice for investors seeking diversification within the Bitcoin ecosystem.
With its lower transaction fees and faster block times compared to Bitcoin, Bitcoin Cash stands out, especially during periods of heightened market activity. The surge in blockchain equity ETFs, which saw their largest weekly inflows of the year at $34 million, further fueled the overall bullish sentiment in the crypto market.
Read Also: Crypto Lobbyists Are Quietly Influencing 2024 Election: This Is Their Playbook
What’s Next: The influence of altcoins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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