Bitcoin Cash Price Drops by $900 as CoinMarketCap Excludes Bithumb’s Price

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.

  • Flaim

    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 !!

  • Ahmed Hassan

    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!!

  • Yan Bellavance

    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.

    • Huh?

    • Flaim

      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.

    • Cheyno Mdingi

      You’re a threat to yourself and those around you with your stupid talk

  • CryptoDoll

    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.

    • Mbekos

      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.

  • Mbekos

    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.

    • Thal

      I agree with your point of view. A new rush up is imminent.

      • Flaim

        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.

  • Mbekos

    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.

  • Joseph Latham

    crash to zero bit coin cash bs .

  • changjieyang

    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.

    • Flaim

      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.

  • 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