Those who were hoping for positive cryptocurrency price momentum over the weekend will be extremely disappointed first and foremost. Nothing is going the way people would have liked whatsoever, and it seems the worst is yet to come. Al major markets face massive declines, and it seems the Bitcoin Cash price continues to get battered every single day. There is no end to this madness, by the look of things.
Bitcoin Cash Price Goes off the Deep End
When looking at the big picture, one would almost begin to believe Bitcoin’s end is nigh. More specifically, the world’s leading cryptocurrency has lost value in spectacular fashion. It is well underway to hit the expected $3,000 mark in the coming weeks, which is not something to look forward to by any means. This ongoing pressure also affects all altcoins in a similar fashion right now.
For the Bitcoin Cash price, things have gone from bad to worse in quick succession. It is a very problematic development for holders of this altcoin, albeit there is little one can do about this trend right now. In the past 24 hours, there has been another 18.5% decline in USD value, combined with a 9% setback in USD value. This pushes the Bitcoin Cash price closer toward $150, which may become a key support level.
It is more than evident this current cryptocurrency market momentum is not native to just Bitcoin Cash either. All major currencies are dropping in value, yet it seems to affect Bitcoin Cash the hardest, for some reason. This is also because of the currency recently losing value after the major hash war which has been brewing wit Bitcoin Cash SV. As such, one has to wonder what the future will hold.
Imagine losing $63 Billion in a week 💀
Well, the #cryptocurrency market just did. The total crypto market dropped from $185B to $122B in just 7 days.All major cryptos (#bitcoin, #xrp, #eth, #xlm #bch) dropped heavy over the course of the week. pic.twitter.com/KIc4uCtJo9
— Binoption (@Binoption_Net) November 25, 2018
To put this into perspective, BCH is dealing with an ongoing loss every single hour, although the recent one-hour losses associated with BCH are not necessarily the worst whatsoever. It is unfortunate to see this trend remain in place for so long, it is evident the worst may not be over by any means. As such, one has to wonder if $150 will be the bottom for the Bitcoin Cash price.
https://twitter.com/cryptosEUR/status/1066667393043189760
There is one interesting precedent involving Bitcoin Cash which may put some users at ease. More specifically, the same events transpired one year ago, although it mainly affected Bitcoin Cash itself at that time. As such, there is a good chance the BCH price will rebound eventually, although the current momentum seems to indicate that will not be the case whatsoever.
https://twitter.com/jamielimjj/status/1066661213222789120
Until Bitcoin itself shows signs of a recovery – which it hasn’t so far – there may be more problems ahead first and foremost. This has been a bad year for cryptocurrencies in terms of prices, but it is also a good year in terms of determining the viability of top projects. As such, the projects which are effectively worth their salt will succeed, whereas the rest may find themselves obsolete before long.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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