Crypto

Bitcoin Cash Price Drops Below $125 Despite Ecosystem Growth

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.

Bitcoin Cash Price Trend may not Bounce Soon

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.

Related Post

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.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Smart Traders Pile Into $MOG As Token Continues To Break All-Time Highs

In the ever-dynamic world of cryptocurrency, $MOG has been a standout performer, breaking its previous…

4 hours ago

Tether Treasury Mints 1B USDT As Whales Inject 278.7M Into Crypto Market

Yesterday, the Tether Treasury minted another 1 billion USDT on the Tron Network, marking the…

4 hours ago

Real World Assets In DeFi Reach $3.89 Billion TVL, Marking Major Milestone

As of July 2024, the Total Value Locked (TVL) for Real World Assets (RWA) in…

4 hours ago

Ethena Protocol Surges In Stablecoin Supply And User Adoption

The Ethena protocol has experienced impressive growth in 2024, particularly in the supply of its…

4 hours ago

DeFi Blue Chips Poised For Breakout Despite Record Low Valuations

Despite lagging in 2023, DeFi 1.0 assets are now positioned for a significant breakout. DeFi…

4 hours ago

MOONHOP’s Presale Skyrocket | Shiba Shootout Value | Bonk Investors’ Moves

Best Meme Coin Gainer: MOONHOP's Presale Skyrockets, Attracting Bonk Investors While Shiba Shootout’s Value Soars…

10 hours ago