Today is shaping up to be another terrible day for the cryptocurrency industry. All of the top currencies are in the deep red right now, with some of them suffering bigger setbacks compared to others. The Bitcoin Cash price, for example, has dropped below $1,200 once again, yet it remains to be seen how long this negative trend will remain in place.
With all major cryptocurrencies on the decline, it is only normal Bitcoin and other altcoins will suffer from this pressure. In the case of BCH, the value has declined in the past few hours, and it seems the Bitcoin Cash price will face a big struggle to remain close to the $1,200 level first and foremost. So far, the value has dipped below $1,200 already, but it seems things may improve moving forward.
Over the past seven days, the Bitcoin Cash price has dropped for over $1,400 all the way down to $1,150. Ever since that time, the value bounced back to nearly $1,300, but holding on to that momentum has proven to be far more difficult than speculators imagined at first. With the Bitcoin Cash price now dropping below $1,200, an interesting trend is forming, which may push the value down to $1,150 once again.
Due to this 5.61% decline in the past 24 hours, Bitcoin Cash is one of the bigger “losers” of the day so far. There is also a 3.13% decline in the BCH/BTC ration over the past 24 hours, which is only making things worse. Recovering value in either department will be pretty difficult for Bitcoin Cash, but nothing is impossible in the world of cryptocurrency.
Even the Bitcoin Cash trading volume is on the decline over the past 24 hours. With the volume dropping to just over $602m, things are not looking all that great for BCH. Even so, the overall cryptocurrency trading volume has continued to decline as well, pushing the number down to under $16bn.Turning that situation around will not be easy, as this week is off to another rocky start.
Looking over the exchanges ranked by trading volume, OKEx is still clearly in a dominant position. HitBTC is not far behind, and EXX takes the third spot. Lbank and OKEx’s BTC pair complete the top five. There are no fiat currency pairs in the top five for BCH right now, which could explain why the USD value is dropping at an accelerated pace.
For the time being, Bitcoin Cash speculators will have to contend with this ongoing bearish pressure. It is evident things will not necessarily improve later today, although stranger things have happened in the world of cryptocurrency. Until the Bitcoin price recovers in a significant manner, altcoins will continue to suffer. When that recovery process will take place, remains to be determined at this stage.
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