It is evident things are quickly going from bad to worse for all of the major cryptocurrencies these days. All major markets are still down, a trend which began forming yesterday morning. Things have not improved in the past 24 hours by any means. The Bitcoin Cash price illustrates that problem perfectly, as it is slowly dropping to $1,000.
Bitcoin Cash Price Woes Worsen
There is very little to be excited about when it comes to cryptocurrency prices as of right now. With all markets down in the dirt, it is evident there is a fair amount of panic setting in. Traders and speculators are more than willing to part with their cryptocurrency holdings right now, which will only push the prices down even further. This is quite visible when looking at the Bitcoin Cash price as of right now.
To be more specific, the Bitcoin Cash price has dropped from nearly $1,300 to $1,056 in the past few days. It is evident this is not the development most people are looking for these days, but there is very little to be done about it at this point in time. With the Bitcoin Cash price dropping 11.5% over the past 24 hours, the bigger question is whether or not the value can remain above $1,000 for much longer.
Additionally, the Bitcoin Cash price is also losing ground thanks to further declines in the BCH/BTC ratio. With another 6.61% decline in the past 24 hours, it is evident speculators are mainly interested in getting rid of BCH in favor of Bitcoin right now. This also applies to other cryptocurrencies as of right now, and it remains to be seen when the momentum turns in favor of the cryptocurrency industry.
With $696.16m in 24-hour trading volume, things are not looking all that bad for Bitcoin Cash. Although this volume isn’t the most impressive by any means, it is still pretty significant when looking at some of the other altcoins on the market. It also appears the total cryptocurrency trading volume is rising again, albeit this is mainly due to more people selling their holdings right now.
Looking over the exchanges ranked by trading volume, Bitcoin Cash is extremely popular on OKex, Bitfinex, and HitBTC. LBank is also in the top five, and OKEx’s BTC pair closes out the top five. It is interesting to see so many markets generate over $30m in trading volume these past 24 hours. Unfortunately, there are only two fiat currency pairs in the entire top 10, which means less fresh capital is entering the BCH ecosystem as of right now.
For the time being, it remains to be seen how things will unfold for the Bitcoin Cash price. It is evident the current momentum is not looking all that hot, but there is no reason to wallow in despair either. Cryptocurrencies are volatile by nature, and there are a lot of reasons as to why the Bitcoin Cash price is suffering from major setbacks right now. Whether or not it will remain above $1,000, is the big question for today, as that seems very difficult right now.