With no positive momentum across the cryptocurrency markets to speak of, it seems evident this flash sale will continue for some time to come. The Bitcoin Cash price, for example, has dipped below $1,000 for the second time in a few days. This seemingly confirms there are growing concerns regarding the long-term future of this project.
Bitcoin Cash Price Struggles are Very Real
Anyone who has kept an eye on the Bitcoin Cash price this week may have noticed an interesting trend. Despite a somewhat steady price level throughout most of 2018, things have taken a dire turn since this week. With the Bitcoin Cash price dropped from over $1,200 all the way to $980 in a few days, the setback was pretty steep.
At that time, some industry experts speculated Bitcoin Cash has not convinced most investors and speculators. An interesting stance, although it is always subject to interpretation first and foremost. All cryptocurrencies are bleeding value as of right now, thus this “problem” is not unique to BCH whatsoever. Until the Bitcoin value picks up the pace, it seems safe to assume the Bitcoin Cash price will continue to decline as well.
Over the past 24 hours, there has been a 4.08% Bitcoin Cash price decline. Surprisingly, there is only a 0.92% drop in the BHC/BTC ratio, which seemingly confirms Bitcoin Cash would have a stable value if Bitcoin wasn’t getting manipulated. Even so, it also shows how BCH – just like all other cryptocurrencies – is primarily linked to the Bitcoin value, and right now, the future is not looking all that impressive.
With $493.313m in 24-hour trading volume, it seems the demand to buy and sell BCH is not slowing down compared to 24 hours ago. It is evident there is a lack of trading volume for all currencies as of right now, but for Bitcoin Cash, the trend doesn’t necessarily look all that bad. Compared to some other top 10 coins, its volume is holding up surprisingly well, at least, for the time being.
The way things stand right now, OKEx is the leading exchange in terms of BCH trading volume. Its USDT pair is well ahead of LBank’s BTC pair and HitbTC’s BTC market. EXX and OKEx’s BTC market complete the top five, which means there are no fiat currencies in the top five as of right now. In fact, there’s only one fiat currency pair in the entire top 10, which confirms the Bitcoin Cash price will not reserve course today by any means.
Whether or not the Bitcoin Cash price can gain control around $1,000 is a difficult question to answer right now. While that seems somewhat plausible, it will heavily depend on how the Bitcoin price moves along in the hours and days to come. As of right now, the BTC price seems to be heading lower and lower, which will also push the Bitcoin Cash price down even further. Today won’t be a pleasant day in this regard, albeit stranger things have happened in the past.