Bitcoin Cash has been struggling quite a bit over the past week. Despite several attempts at reaching a higher value, things continue to head south fro BCH these days. Right now, the Bitcoin Cash price hovers near the $320 mark, which is a lot lower compared to what people would like to see. Then again, it remains to be seen how much of a factor BCH will be when SegWit2x happens in a few weeks from now.
BITCOIN CASH PRICE STRUGGLE IS VERY REAL
Gloating is a very real part of the cryptocurrency industry, but no one should take any pleasure in seeing specific currencies struggle for an extended period of time. Unfortunately for BCH supporters, the Bitcoin Cash price is going through a very difficult phase right now. The currency has fallen deep compared to its all-time high of over $800 not too long ago. Right now, the goal is to remain above $300, which is pretty difficult.
It has to be said, things have not fallen into place for Bitcoin Cash either as of late. Despite best efforts by the community and service providers, the demand for this currency seemingly isn’t there. Granted, speculators are banking big on the Bitcoin Cash price, but there is still a lot of work to be done in regards to this specific altcoin.Very few people are spending BCH for purchases of any kind so far, and that situation will not be turned around overnight.
To put this into perspective, the Bitcoin Cash price chart for the past seven days doesn’t look attractive in the least. With the price going from nearly $400 all the way down to sub-$300 earlier this week, there is a lot of pressure on the market, to say the least. Although this new value seems to be a small rebound, it still represents a 3.98% loss in USD value. Additionally, BCH lost 4.31% against Bitcoin, which indicates a lot more price declines may be on their way as we speak.
It is evident there is plenty of speculation regarding the Bitcoin Cash price, even though that is not necessarily a good thing whatsoever. With $226.285m in 24-hour trading volume, all BCH markets look rather healthy, even though the price continues to decline in the foreseeable future. It will be interesting to see how this trend evolves in the coming days, although going below $300 again is a very likely outcome for Bitcoin Cash right now.
Speaking of the BCH trading volume, HitBTC is still the largest exchange by volume right now. It has a small lead over Bithumb, which generates three times the volume of Bitfinex. It is pretty interesting to see HitBTC and Bitfinex switch positions where BCH is concerned compared to their position on the Bitcoin exchange list. People use similar platforms for very different purposes and no one company dominates all of trading right now. A positive sign, mind you.
For the time being, no one knows for sure what will happen to the Bitcoin Cash price in the coming hours and days. Right now, things are not looking great, but things can always change when we least expect it. If Bitcoin Cash wants to get back to $800 or more, there is a long way to go. For the time being, this currency is nothing more than a struggling altcoin, as its market cap is heading below $5bn as well.
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