There is nothing positive to talk about when it comes to the current cryptocurrency markets. All currencies are still in the deep red, and there does not appear to be any light at the end of the tunnel just yet. No one is successfully bucking this trend, as even the Bitcoin Cash price was forced to give up valuable ground. Right now, one BCH is valued at just over US$1,600. Whether we will see the Bitcoin Cash price rebound before Bitcoin recovers seems highly unlikely.
The Bitcoin Cash Price is Struggling
Any cryptocurrency on the market is having a very bad week so far. With most coins down by 20% or more over the past 24 hours, it is evident things are not looking all that great. Especially now that the Bitcoin price is tanking hard, people expect some prominent altcoins to rise in price. If there was ever a perfect time for Bitcoin Cash to stake its claim as the world’s leading cryptocurrency, it would be right now. Unfortunately, the Bitcoin Cash price can’t escape the gravitational pull into the lower price regions.
More specifically, the Bitcoin Cash price is currently hovering near US$1,638. Compared to a few months ago, this is still a very healthy gain, but most people only have short-term memories. When recalling the Bitcoin Cash price of over US$3,000 not that long ago, things are looking very bleak right now. It’s always important to put things into proper perspective, though, as the overall trend for BCH is still relatively bullish. The current dip was coming sooner or later, and it is throwing all cryptocurrencies for a loop right now.
Granted, the past seven days have not been kind to the Bitcoin Cash price. Nor have they been kind to any other currency in existence, other than a few dubious projects. After the Bitcoin Cash price steadily dropped from almost US$3,000 to US$1,638, some people would prefer to panic rather than keep a level head. It is evident this is an issue not unique to BCH whatsoever, and things will turn around eventually. It will take some time before the sun shines upon cryptocurrency again, though.
With US$1.39 billion in 24-hour trading volume, one could say Bitcoin Cash is still doing just fine. Remember, every sell order means someone else is buying BCH at that particular price. The money is changing hands from panic sellers to those who are confident that all markets will rebound. This seems to indicate that plenty of people expect Bitcoin Cash to appreciate over time. From a long-term perspective, this is a rather rational assessment.
The vast majority of Bitcoin Cash’s 24-hour trading volume originates from OKEx. That is only normal, as this exchange made Bitcoin Cash the base currency for all its trading pairs. Bitfinex and HitBTC complete the top three markets. It is interesting to see that all of these exchanges are well ahead of Bithumb in terms of their trading volume. This may indicate that South Koreans are not selling their holdings in such a panicked manner as the rest of the world is.
For now, it is unclear what the future holds for cryptocurrencies. The Bitcoin Cash price will probably continue to go down until this insanity finally comes to an end. When that will happen exactly remains to be determined, though. Right now, it seems the bleeding is far from over, and turning the ship around will not be easy. There is far more negative pressure on all cryptocurrency markets than one would expect, but this may only be the beginning of what is yet to come.