Cryptocurrency enthusiasts are all too familiar with the concept of the roller coaster. The Bitcoin price has seen wild fluctuations, but eventually settles down without too much of a problem. The Bitcoin Cash price, on the other hand, has seen massive growth and is starting to pay the price. These past few hours have seen a drop of US$700 in the artificially inflated price of this altcoin.
Bitcoin Cash Price is Showing Signs of Weakness
A lot has been said about the Bitcoin Cash price over the past week. That is not entirely surprising, as this slightly modified version of Bitcoin has seen a pretty stellar price trend over the past few days. After rising from US$350 all the way to a new all-time high of over US$2,400, the major correction everyone knew was coming has finally begun. It may get very bloody in the coming hours, although the prior uptrend may resume as well, for all we know.
The Bitcoin Cash price is US$1,462.13 at the time of writing. While this is still a 53% increase compared to 24 hours ago, it is evident the major Bitcoin Cash price party is over as of right now. About an hour ago, this currency was worth US$1,000 more than it is now. It is evident that BCH’s inflated market capitalization and price would eventually result in people cashing out. It’s mainly the people advocating for this fork to succeed who are taking profits, packing their ball, and going home.
This sharp drop in price was bound to happen sooner or later. With the Bitcoin Cash price having been pumped as hard as it has, something had to give sooner or later. Despite high trading volume all week, it is evident the sellers are starting to outweigh the buyers. A top has been reached at just over 0.5 BTC, even though everyone knows that never represented the true Bitcoin Cash price. No one knows what this altcoin should be worth right now, but it’s certainly not US$2,400.
The US$10.15 billion in 24-hour trading volume has certainly helped the Bitcoin Cash price retain its high value these past few days. Even right now, it is still up by almost 400% compared to a week or so ago. That in itself is pretty amazing, especially for a cryptocurrency which still has everything to prove right now. There will be some interesting developments in this regard over the next 48 hours, to say the very least.
Perhaps the most disconcerting aspect of all this is how Bithumb has generated around 40% of all trading volume for Bitcoin Cash during this entire pump. CoinMarketCap has decided not to use the Bithumb price for its weighted average anymore, although it is unclear why that is the case. Considering that the platform is still trading BCH at US$2,534 right now, it is evident something is amiss there. While everyone likes Bithumb, it is possible the exchange has run into some issues. We will keep an eye on this development over the coming hours and days to figure out what is going on exactly.
In the end, it seems the Bitcoin Cash price has had a good run, but all good things must come to an end. It is possible the Bitcoin Cash price will recover before the day is over, though, but without Bithumb leading the charge, that may not be as easy as one would assume. It will be very interesting to see what the future holds for BCH, as there are a lot of people paying attention to this particular market right now.
This is their attempted takeover of BTC in full swing.
Looks like if failed miserably but made Roger Ver 10’s of millions on his pump and dump onto all his sucker followers.
This is the experiment they wanted to run on BitCoin with their hostile takeover through NYA and seg2X fork.
Btrash is what it looks like when you have Oligarchs and miners in control.
I hope all the 2MB block people enjoyed being fked over.
That’s why we fight for a free bitcoin !!
Too bad you just got fked over by Roger Ver and his mining cartel in Btrash.
I think you will never know how important our free BitCoin is.
I can tell from the charts its 100% pump and dump coin , 100% Manipulated price , BCH is centralized and this defeats the main purpose BTC was originally created for , BTC get sick sometimes but it never dies..Sell BCH now before you CRY later!!
What kind of drugs are you smoking. Its an alt coin thats 3 months old and doesnt deserve to have bitcoin in its name
This is absolutely market manipulation. If the SEC would investigate, people would be in jail.
Bitcoin is not decentralized.
99% of transactions occur on exchanges hence are not on the blockchain.
0.75% of Bitcoin addresses posses 88% of Bitcoins.
Even when the transactions are done on the blockchain there is no way to know what Bitcoins were traded for.
When I go to McDonalds and buy a burger, my receipt will show what I got for what I paid for.
Bitcoin is run by criminals and is a threat to humanity.
You can fly your banner all you want, your arguments make no sense. This is an alt coin. If you are talking about faster transaction times, litecoin is way better.
You make no factual argument as to BCH price manipulation. There is a small difference in the protocol, nothing worth the price movements its seen
Huh?
Already done it and will do it.
LOL!
Yes it is… including this BCH price point. Glad we both agree on that simple point
This is not a news piece, this is an opinion piece. Why doesn’t this article mention anything about China wanting to use BCash as the new Bitcoin? Give us some real information, not your over-inflated opinionated banter. Pretty lame.
LoL
Reading your comments, my main question is why you think you need to capitalize every word in a sentence.
It started as a collusion between china miners (bitmain) and Ver groups. Ran up with all the hashpower leaving BTC (though not fully) and miner’s money (they don’t have that much) coming in. Thus, move to $1300-1400 is justified. The dynamic has changed when lots of Chinese speculators jumped in for a few hours to pump and dump. Still watching for support around $1250-1300. If it holds another rush up will follow shortly.
I see BTC and BCH at similar market caps within a few short months. Seems to me when China gov-t shows its support for BCH (if this happen) then this dynamic changes. IMHO, there is more to BCH moves than just pump and dump.
Chinese miners and SegWit2x band is behind this. Large Chinese miners will not do the move that could ruin them without some support from China gov-t. With Xi and Co set to dominate the world it is natural for them to have Bitcoin Asia. We will see this clearly within next few weeks, just follow hashpower stats.
crash to zero bit coin cash bs .
lol ok
lol no it’s not .
I agree with your point of view. A new rush up is imminent.
Prayer unnecessary…
But I did sell all of the FREE BCH I had left over for $2400 before BCH went from $2400+ to $1500 where it stands right now. LOL!
With centralized exchanges like Bithumb, and greedy business people pumping BCH, we need to think hard about what cryptocurrency is all about; decentralization.
Bitcoin should be scaled the right way and off main blockchain. Increasing block size and all WILL make individuals almost impossible to participate and protect the network due to ridiculous ever increasing blockchain size.
The main function of alt coins is to remove stupid money from BTC. The smart people invest in the most proven and most censorship resistant, free coin of the people – BTC.
All other coins have some sort of central control.
People like you chase shiny things until their money runs out.
I have no sympathy for anyone involved with the hostile attack on BitCoin.
I think Quamar is angry he got dumped on by Roger Ver and his cronies who made millions off the losses of their worshipers like Quamar.
Quamar put his life savings into Btrash when it was over $2,000 and being pumped by the Oligarchs. Now its dropping droppin dropping, and he’s here whining like a b*tch that it will go through the roof later, hoping that others are dumb enough to pump it back up for him.
Btrash below $1,200 and falling.
You better get out now Quamar.
Yes. That baby is falling like a raft playing in white waters. Too many games by Roger Ver and his boys. Roger needs to relax a tad and enjoy life. Quite frankly contrary to what he believes, he is NOT Bitcoin Jesus.
Too right. I’m running a full node as are a lot of other people who believe in a free bitcoin. If the miners had their way and put everything on chain then only they would be able to set up full node farms to validate transactions and control everything about transactions.
BitCoin devs need to address this mining cartel problem as soon as possible.
So you question everything except Btrash and Roger Ver?
Did your feeble mind question the BCH pump and dump on you?
Yan is another whining b*tch that missed out buying BitCoin when it was under $1,000 but doesn’t know it’s still a bargain at $7,000 or even $10,000.
Like buy now Yan and be happy.
Quamar sees conspiracies everywhere 0.0
The amount of dumb people in crypto space is staggering. But I suppose that’s why there’s a massive alt coin industry to accommodate them all.
If you can’t workout after about a month of playing with alts, that you lose money if you are not in BTC, then you deserve to be parted with your wealth.
Just in the time it took to write this comment, Btrash is down 100 to 1,100 and BTC is up 150 to 6,130.
You guys need to run a spreadsheet to compare how much you lost by not being in BTC, or at least get a calculator.
Right on Faith.
I won’t hold back with Roger either. He is just a bit insane and getting worse each year. He believes he owns BitCoin and is angry that people just don’t give it to him so he’s trying to destroy things until he gets his way.
He’s also trying to buy a country where he can proclaim himself as king and all his followers can bring their children to him in closed door blessing sessions.
His madness will have no bounds. All we can hope for is that he drains his BTC reserves away and he can go back to scrounging through trash cans.
When he announced his new country, I raised my hand and told him I’m ALL IN! LOL! He was questioned by an audience as to the specifics of this new country. It sounded like a place where wealthy cryptocurrency ‘guys’ will pay a gazillion dollars to play on their island. He was asked about how to keep the peace. He says well… it will be peaceful. There will be no government or laws, blah blah blah. Wake up Mr. Ver! Wealthy Bankers can’t even get along in a board meeting. Wealthy Bitcoin holders can’t even get along … refer to Bitcoin, BitcoinCash, BitcoinGold, BitcoinSegwit2x, or the next hard fork, BitcoinPeanutButter.
Bitcoin Cash = SCAM
I guess we’ll just have to take you…. at your word 🙂
Dude its only you arguing against what everyone here knows. BCASH = SCAM. I highly suggest anyone who thinks otherwise researches criminal Roger Ver, Fake Satoshi, the bitcoin mempool spamming, and the open letter to Korean miners. Bitcoin Cash is nothing but a hostile takeover attempt by a few greedy people who want to control crypto.
So you’re basically all in on the 2 biggest shitcoins ever conceived. lol
You’re a threat to yourself and those around you with your stupid talk
I’m glad you can finally admit they are a “plan”. Yes, we’ve all read the open letter to miners and the pastebin piece. We all know what they were planning, you’re not a special snowflake with insider information. What you don’t understand is that Bitcoin Core is far more resistant to attack than any shitcoin they can hardfork.
Are You sure You don’t have any BTC?
The next wave of cryptos will be backed by real assets and production; This one operates from an ultra-secure, off grid facility. If the SHTF, the token is not affected; with Proof-of-Work facilitated through a 512 on-site camera system accessible to token holders through any web-enabled device. Like gold, but with a yield. Google: MOE Farms SBX