Bitcoin Cash has experienced a significant rally this year, climbing nearly 40% and outperforming every major layer-1 blockchain. It has emerged as the top performer among established networks.
Performance Comparison and Driving Factors
According to data shared by analyst Crypto Koryo, Bitcoin Cash has surpassed Hyperliquid's HYPE, TRX, and XRP in year-to-date returns. In contrast, most other layer-1 networks, including Ethereum, Solana, Avalanche, Cardano, and DOT, are down more than 50% for 2025.
Koryo attributed Bitcoin Cash's strong performance in part to its unique supply structure. The network does not have scheduled token unlocks, nor does it face selling pressure from a foundation treasury or venture capital firms dumping holdings. The entire Bitcoin Cash supply is already in circulation, which inherently reduces sell-side pressure when compared to its competitors.
Furthermore, the analyst pointed out that Bitcoin Cash achieved this impressive performance despite a notable lack of official promotional activity on X. This indicates that Bitcoin Cash has been attracting fresh demand even with limited outreach across social media platforms.
Demand and Supply Interaction
The surge in Bitcoin Cash's price is a result of new investor interest combining with its favorable supply dynamics. The absence of significant selling pressure from early backers or institutional investors has allowed market participants to absorb the available supply without facing constant downward price movements.
Koryo's analysis underscores the impact that supply dynamics can have on asset performance, even independently of network activity or developer momentum. Bitcoin Cash's structural advantage stands in stark contrast to many newer layer-1 projects that contend with regular token unlock schedules.
Broader Market Outlook: Bitcoin and Technical Indicators
In parallel, trader Michaël van de Poppe has suggested that Bitcoin might see a dip to $87,000 before potentially rebounding towards $100,000. He anticipates this pullback will test recent lows before next week's Federal Reserve meeting, setting the stage for a swift recovery. Van de Poppe views the $92,000 level as a critical support zone for maintaining bullish momentum towards six figures within a one to two-week timeframe.
His outlook is contingent on what he perceives as supportive macroeconomic conditions, including a reduction in quantitative tightening, anticipated interest rate cuts, and an expansion of the money supply. However, he has identified two scenarios that could invalidate this bullish forecast: a breakdown below $86,000, which could lead to a move towards $80,000, or a failure to break and sustain above $92,000, signaling continued resistance.
Separately, technical analyst TXMC has observed that Bitcoin's liveliness indicator is showing an upward trend even as prices remain relatively subdued. This metric, which tracks the spending versus holding of long-term coins, has historically risen during bull market phases. TXMC suggests that the increase in liveliness while prices are muted indicates stronger underlying demand for spot BTC than current price action might immediately suggest.