Even though most cryptocurrency markets were doing well a few hours ago, things are slowly taking a turn for the worse. Bitcoin Cash especially is taking a small beating right now, resulting in a 4.52% loss over the past 24 hours. It is evident the BCH price will struggle to get back to US$450 over the coming hours, as reaching US$400 seems more likely right now.
Bitcoin Cash Price Heads South
The past few weeks have been pretty interesting for the Bitcoin Cash price as a whole. Although the overall community is still divided on whether or not this altcoin has any specific purpose or not, the BCH community seems to grow in size every single week. With more service providers enabling support for this forked currency as of late, things aren’t looking all that bad either. However, there is still a very long way to go for Bitcoin Cash; that much no one can deny.
Over the past seven days, we have seen the Bitcoin Cash price come full circle. That is rather unusual, but it also shows this altcoin’s market movements are mainly dominated by speculators first and foremost. On September 25, the Bitcoin Cash price was US$420, which it is again today. It is pretty intriguing to see things evolve in such a direction, although we have seen pump and dump cycles affecting all altcoins this year.
The high point for Bitcoin Cash this week was when the price reached US$465, which was considered a sign of an impending move to US$500. Unfortunately for BCH supporters, that trend never materialized whatsoever. More importantly, Bitcoin Cash has been losing ground to Bitcoin every single day, dropping from 0.114 BTC to 0.0983 BTC in a span of seven days. Considering how the Bitcoin price increased over this period, that is not entirely surprising, but still worth taking into account.
As a result, the Bitcoin Cash market capitalization is also taking a beating as we speak. In fact, the market cap for BCH is lower than it was exactly one week ago, despite an uptrend along the way. With the current market cap just below US$7 billion, things aren’t looking all that great for Bitcoin Cash. Then again, we may yet see another BCH bounce in the next few days or weeks. Stranger things have happened in the cryptocurrency world, after all.
With US$166 million in 24-hour trading volume, the demand for Bitcoin Cash seemingly isn’t there whatsoever. HitBTC is its largest market by volume, which is a very unusual scenario for any cryptocurrency to find itself in. Bithumb and Bitfinex complete the top three, albeit with far less trading volume. All platforms do valuate BCH at the same price of US$420, which is a somewhat positive sign. However, with its current momentum, dipping to US$400 is more likely than reaching US$450 again.
It will be interesting to see how the Bitcoin Cash price evolves in the next few hours and days. The current momentum is anything but positive, but we may still see some positive changes sooner rather than later. As the SegWit2x fork deadline draws near, it is possible we will see BCH losing market cap in favor of the latest forked currency once the latter is issued to the public. An intriguing future lies ahead for the Bitcoin ecosystem; that much is certain.