Things continue to go downhill for Bitcoin Cash as we speak. Although this altcoin had a pretty solid run during the first few weeks following its launch, things are certainly evolving in a different direction right now. With the Bitcoin Cash price having dropped another 7.54% over the past 24 hours, things are not looking all that great. Then again, comebacks are not uncommon in the cryptocurrency world either.
Bitcoin Cash Price Keeps Going Down
No one can deny the past week has been anything but pleasant for Bitcoin Cash holders. While this altcoin has been trying to make a name for itself, the Bitcoin Cash price is getting battered as we speak. The BCH value was above the US$450 mark as recently as a week ago, but it has dropped below US$360 a few times today already. At the time of writing, one BCH is valued at US$363.43, which shows there may be some sort of a comeback in the next few hours. Then again, no one should get their hopes up just yet, though.
With the most recent 7.54% decline in value, the Bitcoin Cash price is slowly going down a very slippery slope. The past 48 hours have proven especially volatile, although it remains unclear why that is exactly. It is not as if BCH has greater or fewer use cases all of a sudden, as the currency’s usefulness has always been rather limited at best. Then again, the value of a particular cryptocurrency isn’t always linked to how useful it is; that much is certain.
What is rather problematic for BCH is how the Bitcoin Cash price is dropping in both USD and BTC value. Losing ground compared to Bitcoin is not all that uncommon in the world of altcoins, as very few currencies maintain their value when Bitcoin shows even the smallest sign of a move upward. Right now, nothing major is happening with the Bitcoin price, although it seems the bleeding has been stopped for the time being. Seeing BCH fall to 0.0856 BTC is a surprising turn of events, though, to say the least.
Moreover, the BCH trading volume has dropped quite a bit as well. Although Bitcoin Cash could never rival Bitcoin in terms of volume, the drop to US$322.278 million is not a good sign either. While it is true this volume is still higher than that of most other altcoins in existence today, it doesn’t really matter if people are mainly interested in selling right now. So far, it seems the selling pressure vastly outweighs any interest from buyers, although this situation may turn around in the future.
Speaking of the BCH trading volume, Bithumb is the leading market right now, with over 33% of all trades. HitBTC and Bitfinex complete the top three. All these exchanges are generating between two and six times the volumes of any other exchange in the world. It does appear the Korean platforms value BCH slightly higher right now, but the difference is just a few dollars. None of this indicates there may be any form of positive momentum moving forward, yet things can always turn around.
Whether or not the Bitcoin Cash price can mount a significant comeback in the next few hours or days remains to be determined. For now, there is no indication that will be the case, but we are only looking at a snapshot of the trading action taking place. It could very well turn out to be a great moment to pick up some BCH as a way to make a small profit in the very near future. After all, it would only take a small price swing to generate a significant profit, which may occur at any given time.
Maybe.. the global class action lawsuit alleging unlicensed banking, unfair business competition and fraudulent practices by cryptocurrency operators is affecting the tides… I heard about it from International attorney Dr. Jonathan Levy.
Calling it an Altcoin is not correct. Person that wrote the article should know better, or is this done on purpose to degrade the legitimacy of Bitcoin Cash as actual Bitcoin?
What is it if its not an Alternative to Bitcoin? That is the definition of an Altcoin……… Something that isnt the original Bitcoin
Xapo sold 75,000 of their customers BCH hence why the price dropped so fast… it’s a political play… Legacy Bitcoin is afraid of BitcoinCash as it is true to the Satoshi white paper as ‘Peer-to-Peer Electronic Cash. Legacy Bitcoin is no longer bitcoin but instead will have signitures off chain (segwit) (open to theft without a trace) and the promise of LN which is merely a promise (much like ico) have nothing to do with bitcoin – legacy BTC may as well be MasterCard. Blockstream has taken over legacy bitcoin. It is no longer decentralised. ill informed people are being duped into believing Legacy BTC is still bitcoin.. so the games go on as bitcoin is hijacked by corporate bodies… BitcoinCash forked for very good reason, when people wake up to what’s going on… they will be rushing to BitcoinCash safety ..
The writer of this article suffers gross bias… and misinformation..
Ironically, it is the original Bitcoin. Bitcoin is Segwit. THE FEES MAN!
Altcoin is anything that doesn’t use Bitcoin protocol. Bitcoin Cash actually uses such protocol (and SegWit doesn’t and Lighting Network won’t either), which makes Bitcoin Cash actual Bitcoin and not an Altcoin. Bitcoin Core is the one that is artificially limited by Core with limited block size and SegWit makes it no longer using Bitcoin protocol, and therefore no longer real Bitcoin.
Just because Core have some powerful (rich) players backing their agenda and propaganda, is the reason why they still hold on to the name of Bitcoin. This is equivalent to US Democrats still using the name of Democrats, but have long time ago stopped acting by Democratic principles… and all they have is a name… Bitcoin Core are the same shit.
LOL what? What happens when segwit 2x coin come out? Will you support that too? Seriously why do you support bitcoin cash? it Is NOT actual bitcoin! it is bitcoin cash, an ALT coin, an ALTERNATIVE to bitcoin! it is NOT bitcoin! bitcoin is actual bitcoin and heres how we know, because all the hard forks will be coming off of what again? Bitcoin core! so bitcoin core is the only real bitcoin these hard forks are just people trying to split off and create an altcoin withoit having to create a new chain, and Bcash just made it all to apparent that bitcoin Gold (lol0 and bitcoin Segwit2x will be worthless too and bitcoin core will do a soft fork, scale up, lower fees, nd no one will ever care about the endless new hard forks and the more hard forks of bitcoin lthe less Bcash and segwit2x altcoins will worth! sorry but Bcash is an altcoin, sorry but accept it!
No one is gonna use bitcoin cash hah its not useful no one cares, no one wants it!
you just said SEGWIT isnt the original bitcoin, but were talking about core no segwit….. comeon man ur argument was so weak…why do u even care about Bcash its so lame it sucks it doesnt even work, and the bitcoin core fees will go down after these hard forks are over
Segwit is just another one of your bitcoin altcoins that is gonna be seen in the same light as Bcash and Bgold so just realize its over, core wins, u cannot TRICK us into giving up the original bitcoin….its crazy to think we would stop using the same bitcoin we have always been using…..
ok well in the case that you are correct, I will have my Bcash anyway and Ill keep my BCH i was gonna anyway, but yeah doesnt look good for it
and i dont think anyone can take over a decentralized crypto currency like bitcoin, bitcoin core is still open to anyone to mine and set up mining warehouses to try an get a piece of the action, no one is excluded, and bitcoin core cant use any sort of black lists….
but black lists for bitcoin would be stupid and not work because people can always make a new wallet….
sounds like some sort of scam, there is no such thing as a “global class action lawsuit” because there is no global courtroom to have that in, its all just a rumor man, no such thing, “doctor” Jonathon Levy is not very smart if he is claiming such things…. bitcoin and crypto currency does not listen to any government or court, and anyone claiming that bitcoin is “unlicensed banking” does not understand banking, and jhahah unfair busines competitiuon?!?! what?? so crypto curebcy companies are taking money away from who??? paypal?? westrn union?? banks?? and they complain? haha pathetic that they complain about loiosing bsuiness to a more advanced technology… thi sis like a horse and carriage company suing the autombile companies in 1900 for buildig the first car and taking business away from the horse brreders and carriage makers, haha im sure they tried to suie to, or im sure tree trimmers sued the investors of the chainsaw bevause it threatened their jobs! Humans are such spoiled brats!
Anyway thank you for the information you heard i will look it up if I ever hear it again but from the sound of it it seems completely fake! You cannot have a global class aciution lawsuit because there is no global couirt!
With the bitcoin war going on I think you are smart to keep all versions xx
I am for 2X for one reason only, to not allow Core to maintain grip on the Bitcoin layer.
And Bitcoin Cash IS the real Bitcoin, not by name as its name is BITCOIN CASH, but by Bitcoin working principles, which Core’s SegWit and Lightning Network are NOT.
SegWit is not Bitcoin protocol at all. Bitcoin hi-jacked by Core is no longer working as real Bitcoin either because the signatures have been removed from the Bitcoin blocks (for those that moved their coins into SegWit address).
Bitcoin Cash has no SegWit, and will not have Lightning Network, is it still using the original Bitcoin principles and workings, which makes Bitcoin Cash, THE actual real Bitcoin.
And the only TRICKS used here are the ones done by Core and Blockstream, and you fools (paid or unpaid) that assist in their dirty work of TRICKING PEOPLE INTO LEAVING DECENTRALISED PAYMENT SYSTEM THAT IS BITCOIN, AND INTO ANOTHER CENTRALISED ONE WHICH WILL BE CONTROLLED BY THE BANKS.
The main idea behind Bitcoin is to REMOVE THE CENTRAL CONTROL OVER PEOPLE’S FUNDS, and you dumb fucks are lying to the people tricking them to turn against miners, who are the most invested people that PROTECT THE BITCOIN NETWORK.
So you can get fucked… your tricks and lies do not work on me, and I will continue to spread the truth weather your sellout ass likes it or not.
I use actual logical and valid arguments in all the statements I made, and you lot just make shit up.