As was to be expected from yesterday’s bearish momentum, the Bitcoin Cash price has effectively dropped below $1,000. That in itself is not really surprising, given the ongoing declines in the Bitcoin world. Even so, it remains to be seen how long this dip will last. eToro UK Managing Director Iqbal Gandham certainly has some interesting opinions in this regard.
Can the Bitcoin Cash Price Recover Quickly?
When the going gets tough in the cryptocurrency world, panic selling becomes a very tangible trend. This has been a big problem for as long as people can remember, and it will not necessarily improve anytime soon. In the case of the Bitcoin Cash price, it is evident panic selling is helping to push the price below $1,000 and keeping it there. That situation may come to change in the near future, though.
The most recent 6.48% Bitcoin Cash price decline comes at a rather unfortunate time. Some interesting developments are taking place to fund the future development of this altcoin. Even so, it isn’t sufficient to keep the Bitcoin Cash price afloat around the $1,300 mark. It is possible this trend reserves at some point. eToro UK Managing Director Iqbal Gandham thinks otherwise. He explains the situation as follows:
“Though it recently upgraded its blockchain protocol, it seems that Bitcoin Cash has yet to reassure the crypto community that it can provide a more stable framework for transactions and that it really is ‘Bitcoin’. For over a year Bitcoin Cash has been fighting the battle to become the ‘default’ Bitcoin, a battle which traditionalists are not keen to lose. This lack of clarity, has repeatedly called into question the authenticity of Bitcoin Cash, and until that is resolved the direction of price movement will always carry an air of uncertainty.”
Despite the $805.31m in 24-hour trading volume over the past 24 hours, Bitcoin Cash holders and buyers are fighting a losing battle, by the look of things. If this bearish pressure doesn’t relent sooner rather than later, it is not unlikely the Bitcoin Cash price will dip to $900 and perhaps even lower. While not catastrophic, it would certainly put things in a very different perspective altogether.
The majority of trading volume originates from OKEx, which has been an important trading platform for various altcoins. Bitfinex and Huobi are competing for second place, although GDAX isn’t too far behind in this regard. HitBTC is in fifth place, which may come as a big surprise to a lot of people. Even so, two fiat currency pairs in the five is pretty significant for Bitcoin Cash, although the USDT pairs are clearly in the lead right now.
For the time being, it remains to be seen how the Bitcoin Cash price will evolve in the near future. As of right now, things are not looking all that promising, but the volatility of cryptocurrency can easily work both ways. Sooner or later, things will improve for the different cryptocurrencies, but for now, it doesn’t appear that change will occur in the coming days or weeks.