As all cryptocurrencies, assets, and tokens face another big setback, this week will prove to be rather crucial for all markets. It is evident this doesn’t bode well for any currency that isn’t Bitcoin itself, even though that currency is also facing a steep uphill battle as of right now. For those who keep an eye on the Bitcoin Cash price, it appears things have gone from bad to worse fairly quickly. Sustaining the $110 level will not be easy by any means.
Every single time Bitcoin loses value, all of the currencies derived from it will go through a similar bearish phase. Considering how Bitcoin Cash has tried to imitate Bitcoin over the past year or so, it is only normal it too faces the brunt of this bearish pressure. So far, the momentum has clearly turned against BCH, although that situation can still turn around at any given time. For now, however, the pressure will need to be endured first and foremost.
Over the past 24 hours, there has been a massive Bitcoin Cash price change. Unfortunately for speculators and believers, it has not been a positive one. Following this net 11.5% decline in USD value and an 8.1% loss over Bitcoin, one BCH is now valued at just over $110. In Bitcoin terms, it sits at the 0.0319 level, although that may not act as stable support either.
It did not take long for the cryptocurrency community to make some terrible jokes about this current price momentum. CryptoHunters was one of the first to label this as “Bitcoin Crash”, a term often used to refer to Bitcoin Cash as well. It is evident Bitcoin is crashing a bit, although the massive decline some people would have expected still hasn’t kicked in yet. As such, the momentum may continue to grow worse as more time progresses.
It is also worth pointing out there is at least one positive development for the Bitcoin Cash gang. Roger Ver, the “godfather of BCH”, celebrated his 40th birthday recently. Although it remains to be seen if it will be a day to remember given this current BCH value, the edibles certainly look to be in good shape. It will not affect the BCH value in the slightest, though.
Last but not least, it would appear an interesting discussion is going on where BCH is concerned. The denomination for minor BCH transactions is causing some confusion, although it seems unlikely it will be changed in the future. As small amounts of Bitcoin Cash are transacted, referring to them as “mBCH” seems to be rather appropriate. An interesting debate to keep an eye on moving forward.
Although no major developments are happening behind the scenes of Bitcoin Cash, it would appear the current negative trend has absolutely nothing to do with that particular aspect. Instead, it appears this most recent decline is merely a result of the ongoing Bitcoin price decline which has been going on for quite some time now. How low the BCH value will go in the coming hours, is difficult to predict. A decline to $100 isn’t entirely out of the question at this point.
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.
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