Even though most cryptocurrency markets are still in the red as of right now, it will be interesting to see what the future holds in this regard. For the time being, Bitcoin Cash is taking a big beating, although it shouldn’t necessarily suffer from bigger losses compared to all other markets. Even so, the Bitcoin Cash price has dropped below $800 again, which will make some investors rather twitchy.
What is Going on With the Bitcoin Cash Price?
It is always difficult to make sense of the cryptocurrency markets. More specifically, the overall downtrend has been rather evident for quite some time now, and it seems there is no real improvement in sight for the foreseeable future. As such, it is only normal the Bitcoin Cash price will continue to decline, along with all other cryptocurrencies. For some reason, the Bitcoin Cash price is declining a lot quicker than Bitcoin or Ethereum.
More specifically, the Bitcoin Cash price has dropped by as much as 11.4% in the past 24 hours. While such volatility is not uncommon in the world of cryptocurrency, it goes to show there is still some concern over the future price stability of this currency. While this dip can turn into a small gain in a matter of a few hours, it is quite steep regardless. This decline also pushed the Bitcoin Cash price below $800 once again, which is not something investors will appreciate.
It is also worrisome to see how Bitcoin Cash continues to lose ground compared to Bitcoin. Although this trend has been visible for some time as well, the current dip is another 6.65% decline in favor of Bitcoin. While most BCH holders may not be too alarmed by that particular development, it was not that long ago when one BCH was valued at 0.22 BTC. Right now, that same BCH is worth 0.104 BTC, even though the Bitcoin price has fallen dramatically.
While Bitcoin Cash still has a solid trading volume of just under $350m, it is far less than what most people would like to see at this point. Unfortunately, the overall cryptocurrency trading volume is still pretty abysmal right now, thus it is only normal individual currencies will struggle a bit in this regard. For Bitcoin Cash, the volume seems to remain consistent around the $350m mark, which is rather positive, all things considered.
The majority of this Bitcoin Cash trading volume originates from the OKEx trading platform, which is no real surprise. Even so, their lead over Huobi and HitBTC is pretty small. OKEx is also in fourth position ranked by volume, followed by Lbank. A very interesting mix of exchanges and trading markets, even though there is no real fiat currency pair in the top five. We do see two USDT markets, though, which is not all that bad either.
Whether or not the Bitcoin Cash price will return to $800 in the near future, is anybody’s guess as of right now. It is certainly possible we will see a temporary trend reversal right before or during the weekend, but sustaining any positive momentum is all but impossible for cryptocurrencies right now. For now, the Bitcoin Cash price will remain bearish, but this industry remains incredibly unpredictable.