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.