Bitcoin Cash Rises 1.5% as Only CoinDesk 20 Gainer
1h ago|3 min readQuick Read
Fazen Markets Editorial Desk
Collective editorial team · methodology
cryptocurrencybitcoin-cash
Fazen Markets Editorial Desk
Collective editorial team · methodology
Trades XAUUSD 24/5 on autopilot. Verified Myfxbook performance. Free forever.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. Vortex HFT is informational software — not investment advice. Past performance does not guarantee future results.
Bitcoin Cash gained 1.5% in the CoinDesk 20 index on June 4, 2026, standing as the sole constituent to post a positive move. The index declined overall, led by sharp losses in NEAR Protocol and Internet Computer, which dropped 15.2% and 13.1% respectively. The performance divergence occurred against a backdrop of broad crypto market weakness, with Bitcoin itself falling over 5.5%.
The performance divergence within a major benchmark index signals a potential rotation of capital rather than indiscriminate selling. The CoinDesk 20 tracks the most liquid digital assets, making its constituents a reliable proxy for institutional crypto flows. A similar event occurred on May 12, 2026, when Litecoin gained 8% while the broader index fell 4% amid banking sector stress. The current macro backdrop features elevated Treasury yields and a strengthening U.S. dollar, which typically pressures risk assets like cryptocurrencies. The trigger for the specific altcoin selloff appears linked to a sharp decline in network activity and user growth metrics for several smart contract platforms reported earlier this week.
As of 13:25 UTC today, Bitcoin traded at $63,100, reflecting a 24-hour decline of 5.51%. Its market capitalization stands at $1.27 trillion with a substantial 24-hour trading volume of $67.51 billion. Bitcoin Cash traded at $247.82 with a more modest 24-hour decline of 0.38%, a market cap of $4.97 billion, and a 24-hour volume of $405.89 million. NEAR Protocol experienced a severe 24-hour decline of 21.16%, trading at $2.36 with a market cap of $3.07 billion. Its 24-hour volume of $1.40 billion was notably high, indicating intense selling pressure. Internet Computer’s 13.1% decline significantly underperformed the broader crypto market.
| Asset | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
| Bitcoin (BTC) | $63,100 | -5.51% | $1.27T | $67.51B |
| Bitcoin Cash (BCH) | $247.82 | -0.38% | $4.97B | $405.89M |
| NEAR Protocol (NEAR) | $2.36 | -21.16% | $3.07B | $1.40B |
The outperformance of Bitcoin Cash against this bearish tide is its most significant relative strength event in the past month.
The capital flow suggests a short-term flight to simplicity and established use cases, benefiting Bitcoin Cash as a payments-focused fork of Bitcoin. This move potentially disadvantages more complex smart contract platforms like NEAR and ICP, which are facing scrutiny over tokenomics and adoption rates. Mining sector equities tied to Bitcoin, such as Marathon Digital (MARA) and Riot Platforms (RIOT), could face continued pressure from Bitcoin’s price drop. Conversely, payment processors with BCH integration may see a minor sentiment boost. A counter-argument is that BCH’s low volume relative to its peers means its outperformance may lack sustainability and depth. Flow data indicates some futures market short covering in BCH coinciding with new short positions being opened in NEAR and other altcoins.
The key immediate catalyst is the U.S. jobs report scheduled for release on June 6, 2026, which will heavily influence broad risk appetite. Traders will monitor the $240 level for Bitcoin Cash as near-term technical support; a break below could erase today’s gains. For NEAR Protocol, the $2.20 level represents a critical psychological support area that held in April. The Federal Open Market Committee meeting on June 18, 2026, remains the primary macro event that will dictate the direction of capital markets for the remainder of the month. Sustained crypto weakness could push the total crypto market capitalization toward its 100-day moving average.
The sharp 21.16% decline in NEAR was driven by a combination of broad crypto market weakness and platform-specific concerns. On-chain data reveals a significant decrease in daily active addresses and a spike in token transfers to exchange wallets, suggesting investors are moving holdings to sell. This elevated selling pressure resulted in its volume reaching $1.40 billion, far exceeding its typical range.
Bitcoin Cash significantly outperformed its predecessor on June 4. While Bitcoin fell 5.51% to $63,100, Bitcoin Cash declined a mere 0.38% to $247.82. This divergence is unusual as BCH typically exhibits a high beta to BTC, meaning it usually moves in the same direction but with greater magnitude. The relative strength suggests unique demand drivers for BCH are temporarily outweighing broader market sentiment.
The CoinDesk 20 is a widely monitored index because its constituents are selected based on liquidity and U.S. regulatory compliance, making it a strong indicator of institutional sentiment. Its performance often leads or confirms moves in broader market indexes that include hundreds of smaller, less liquid tokens. The sharp divergence in its components provides a nuanced view of capital rotation within the digital asset space.
Bitcoin Cash’s solitary gain highlights a flight to established assets amid a severe altcoin selloff.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
Vortex HFT is our free MT4/MT5 Expert Advisor. Verified Myfxbook performance. No subscription. No fees. Trades 24/5.
Trade the assets mentioned in this article
Trade on BybitSponsored
Open a demo account in 30 seconds. No deposit required.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.