After bulls strongly defended Bitcoin’s price from falling below the ever-so important $6,200 level, investors have begun moving funds into multiple alt-coins, leading many of these cryptocurrencies to rise more than 2% over the past 24 hours, led by Bitcoin Cash (BCH).

As noted in previous market updates, Bitcoin’s price has been caught in an unprecedented sideways trading range between $6,200 and $6,700, and it has yet to be able to break above, or below, these important psychological barriers.

Alt Coins Surge on Mix of Positive News and Bitcoin Stability

Following BTC’s relatively minor drop in the $6,200 region a few days ago, investors have now confirmed this level to be a strong support, which has allowed them to begin moving funds into multiple alt coins that are now surging.

At the time of writing, the markets are being led by Bitcoin Cash (BCH) which is currently trading up 7.35% at $455.00. This pump is the result from two main factors, including increased market stability and Binance announcing that they will be supporting the upcoming BCH hardfork.

The exchange released a statement saying:

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).”

Other major alts have posted some decent gains over the past 24 hours as well, including XRP, IOTA, and NEO, which are all trading up 1.5%, 3.2%, and 4.05% respectively.

Investors Still Hopeful That Big Gains are Around the Corner

Jack Schwarze, a research analyst at DailyFX, recently wrote about the current state of the cryptocurrency futures market, explaining that the vast majority of traders are still net long on Bitcoin’s price.

“Retail trader data shows 82.6% of traders are net long with the ratio of traders long-to-short at 4.76 to 1. The number of traders net-long is 0.7% higher than yesterday and 2.9% lower from last week, while the number of traders net-short is 2.7% lower than yesterday and 0.5% lower from last week,” he explained.

Despite this seeming like a good thing for the markets, Schwarze further noted that many of the best trades are a result of taking the contrarian view on the markets, saying that:

“We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests bitcoin prices may continue to fall.”

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