As was to be expected sooner or later, the Bitcoin Cash price is undergoing a massive correction right now. More specifically, while the Bitcoin price is surging again, people are ditching BCH as quickly as possible. With a 21.33% drop over the past 24 hours, the Bitcoin Cash price is struggling to remain above US$1,000. It is evident this situation may become unmanageable pretty quickly unless something changes.
Bitcoin Cash Price Correction is Nasty
While a lot of people held out hope that the Bitcoin Cash price would return to US$2,800 this week, that seems increasingly unlikely right now. In fact, it may prove virtually impossible to maintain a Bitcoin Cash price of over US$1,000 for much longer. Right now, one BCH is still worth US$1,020, but the bearish momentum is only intensifying as time progresses. This downtrend isn’t entirely unexpected, though, as last week’s pump-and-dump cycle had to come to an end sooner or later.
More specifically, we have seen significant Bitcoin Cash price volatility over the past seven days. We started out at a price of US$623.44 a week ago and quickly rose to over US$2,500 in the next few days. At one point, one BCH was valued at over half a Bitcoin while the world’s leading cryptocurrency was struggling. Some people claimed Bitcoin Cash would become the new Bitcoin, but that idyllic thought never came true, for obvious reasons.
Ever since that peak, the Bitcoin Cash price has declined substantially. That is only normal, as such sudden growth cannot be sustained in the long run. With the price dropping first to US$1,500 and then even lower, things have taken a turn for the worse. In the last 24 hours, we’ve seen a 27.31% decline against Bitcoin, bringing the BCH value back to 0.136 BTC. That’s a long way away from the all-time high of over 0.5 BTC, and it seems the downturn is far from over at this point in time.
The Bitcoin Cash trading volume is also drying up, by the look of things. While US$1.56 billion over 24 hours is still pretty solid, it is a lot lower compared to the US$4 billion of just two days ago. It is evident most people are looking to sell BCH right now, pushing the Bitcoin Cash price down even further. People want to claim their profits or cut their losses, depending on when they started buying into the hype. Die-hard supporters will still claim this was never a pump, but the charts certainly state otherwise.
Although Bithumb is still the largest exchange provider of Bitcoin Cash right now, it is the only one generating over US$500 million in daily volume right now. Bitfinex and HitBTC round out the top three exchanges with around one-fourth of this number. It is evident that interest in this altcoin is waning now that there is no more big money to be made overnight. It will be interesting to see how the market values Bitcoin Cash in the coming days, as catching this falling knife may prove to be either lucrative or harmful for one’s overall wealth.
All things considered, the Bitcoin Cash price correction was only a matter of time. It is unclear if this sell-off was triggered by the current Bitcoin price trend, though. Belief in BCH is still strong, but it isn’t enough to maintain continued gains. All markets eventually recover, and the future isn’t looking all that bad for BCH. A big setback won’t spell the end of this altcoin whatsoever.
BOOM !
Already under $1,000 on BitFinex.
Lots of Roger Ver worshipers lost lots of money.
Too bad … Soo sad …
Once again, full of self contradictions, platitudes and thinly veiled recommendations. JD, or JP, (about the author is even contradictory)… Man.. proof read these articles.
Roger Ver is waiting till it gets to $300 again so he can buy up cheap.
Get all his friends together for the big pump and dump over $2,000 again.
Rinse and repeat.
But what about all his loyal followers? What about all the Btrash Bots?
What about them ?
Lost much on Btrash?
Zero position.
Excellent Man 🙂
I thought about getting in on the pump and dump that’s almost guaranteed to happen at $1,000 but couldn’t be bothered. Even the fun of dumping on the people that keep attacking BitCoin has gotten boring.
I almost bought 1BCH at $2.4k, this would have been my worst trade ever in my life.. I thank GOD my skepticism didn’t allow me after all… ?
Well I’m still watching, once it’s $300 or $250 then I’ll buy
The real Bcrash
And why would you do that? You do know that Btrash just wants to destroy BitCoin?
You shouldn’t support the enemy.
I’m not even going to pump and dump on them, no matter how tempting.
Where are all the Btrash Bots?
Have they been stunned into silence?
We all warned them not to get conned by Roger Ver and his band of gangsters.
They should sell out before it goes back to $300
it is not religion man, everthing is money, Btc team not care of btc. if something bad will happen with btc, btc team will sell for religion mans like you
You’re right, it’s not religious. It’s prowess..
-never bet on a lame horse, and that’s what BCH is.
You don’t care about anything just money, and you think nobody else cares about anything but money.
You should learn what open source programing like BitCoin and Linux are then you will understand how people care very passionately about their projects and work for free to make them the best they can be.
I suppose Btrash is good in that it removes stupid money from BitCoin.
BitCoin has lots of new smart money coming in, and lots more to come.
Hi JP, I notice that you haven’t declared your interest or position in holdings of either BTC or BCH. Are you a holder of either or both?
this market is bomb . intesive manipulation price all the time. how can i belive that is Alice world? project is amazing , but there is not corporate governance, the people who manage and started in btc are the ones who have the most btc. If I were a manager of a company and could buy shares of it, would not it be wonderful? What if I created other types of stocks (such as altcoins) to generate more demand to buy for shares of that company (altcoins being exchanged for btc). Would not that be wonderful? and if I could liquidate them among themselves without paying the direct tax of this liquidation, only when the money ceased in the bankaccount (USDT created mailly for it)? what do you think? and if I were to create a system that would put an end to the buying and selling orders that he himself made? This is the paradise !!!!!!! this is the world of crypto-coins.
they will continue getting fucked hard. thats how they like it
What do you mean? I care nothing if BCH is successful or not. I care nothing about Roger Ver’s motives or scummy-ness. I made absolute monstrous returns through BCH over the last week… Even now, you can go sell any BCH you might still have for over 40% profit off of last weeks highs. Who are all the worshipers who lost money? Idiots who bought it at 2500?
When money is involved, people/corporations/governments will do scummy things… just the way it is. Your best option is try to capitalize on the scum.
The irony is I tried to sell a few at ~$2.4k, it would have been my best trade but the exchanges f**ked me over.
There was no real insight or meaningful analysis in this article. This was common sense. I could have wrote it while on the shitter.
I don’t think this writer Buntinx has ever picked up the phone to ask someone a question. Never a single quote. Lazy. Or scared. With nothing to offer the reader, he states the coins’ high and low prices. How helpful. /sarc
Try harder, Buntinx.
Leo … Everyone can see you’re being a whiny bitch because you missed out on buying into BitCoin when it was under $1,000.
Just stop crying and buy now, or keep whining and buy at $10,000 or $20,000
There was a lot of volume bought from $1,000 and up. The price of Btrash is now $900. How is that still a 40% gain?
Glad to hear to made lots of money on Btrash so why are you even arguing with me if you’re not a Roger Ver worshiper?
You are just one of the people that fuked over a lot of the worshipers … or do you think your money came from the fairy’s?
I like how you wrote about Bitcoin Cash Price Will
Head Below $1,000 After Mega-Pump Runs out
of Steam – The Merkle News.
I want to share too, most trusted wholesale supplier list:
https://bit.ly/31tTure (maybe it will help
someone)
Thanks and keep it up!