Even though most cryptocurrency markets were doing well a few hours ago, things are slowly taking a turn for the worse. Especially Bitcoin Cash is taking a small beating right now, resulting in a 4.52% loss over the past 24 hours. It is evident he Bitcoin price will struggle to get back to $450 over the coming hours, as reaching $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 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 the market movements of this altcoin are mainly dominated by speculators first and foremost. On September 25th, the Bitcoin Cash price was $420, which it is again today as well. 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 $465, which was considered to be a sign of moving to $500 soon. Unfortunately for BCH supporters, that trend never materialized whatsoever. More importantly, Bitcoin Cash has been losing ground compared 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 cap 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 some uptrends along the way. With a current cap of just below $7bn, things aren’t looking all that great for Bitcoin Cash. Then again, stranger things have happened in the cryptocurrency world, and we may see another BCH bounce in the next few days or weeks.
With $166m worth of 24-hour trading volume, the demand for Bitcoin Cash seemingly isn’t there whatsoever. HitBTC is the biggest market by volume, which is a very unusual scenario for any cryptocurrency. Bithumb and Bitfinex complete the top three, although far less trading volume respectively. All platforms do valuate BCH at the same price of $420, which is a somewhat positive sign. However, with this current momentum, dipping to $400 is more likely than reaching $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 this currency once it is issued to the public. An intriguing future lies ahead, that much is certain.
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