Until the bearish crypto market pressure subsides, it seems unlikely either Bitcoin or alternative markets will notice strong gains. For the time being, all of the top markets are in the dirt, with losses piling up very quickly for some. One of the biggest “losers’ to date is Bitcoin Cash, as its value is retracing rather sharply. This is primarily because of Bitcoin’s downtrend, although BCH itself has no reason to gain value either.
It is evident every currency derives value from Bitcoin these days. Even the markets which have tried to build a better Bitcoin are not seeing much success when the world’s leading cryptocurrency is struggling significantly. For Bitcoin Cash, the momentum is not looking all that promising either. In fact, there is a genuine chance things will continue to go downhill from here, which is rather worrisome.
Over the past few hours, the Bitcoin Cash price has lost nearly 6% in USD value and 3.5% compared to Bitcoin. As such, both of these trends seem to confirm BCH is not generating much interest among traders and speculators. This is despite having $298m in trading volume. For now, this negative trend will probably continue for a while, at least until Bitcoin picks up the pace.
On social media, there are some interesting tidbits of information pertaining to BCH. More specifically, CryptoSign highlights some compelling features which make Bitcoin Cash worth looking into, It is certainly true all of these aspects make for a very appealing cryptocurrency project, albeit it seems investors don’t necessarily agree.
What is rather interesting to take note of is how Bitcoin Cash is one of just five different currencies supported on the Travala platform. As this platform continues to see more interest from consumers, it is safe to assume the use of BCH is also increasing on this platform. No real specifics are provided in this regard, although it seems things are progressing nicely.
Last but not least, it would appear the X4CHANGE platform has begun its rapid and rather aggressive expansion around the world. By going live in Peru, more people can now trade BCH against other cryptocurrencies and over 20 different payment methods in total. Another notch in the belt for all supported currencies, for rather obvious reasons.
All things considered, everything behind the scenes is working just fine for Bitcoin Cash. On the price front, however, there is nothing to be overly excited about at this time. While there is always a chance things will improve in the near future, the current momentum is simply not too appealing. Until that situation changes, all markets will suffer from extensive bearish pressure, which may remain in place for quite some time to come.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…