Nothing ever comes easy in the world of cryptocurrency and digital assets. As all markets remain subdued for yet another day, it seems there will not be any real improvements moving forward. For Bitcoin Cash, things have looked bleak all year, and the pressure hasn’t relented just yet. In fact, the value now sits below $90 again following another big loss over the past 24 hours.
Bitcoin Cash Price Dip Is not Over
No one will be really surprised to learn there is yet another deficit for the Bitcoin Cash price as of right now. Not just because all other markets are down as well, but primarily because the recent network protocol upgrade has left a mark on this fork of Bitcoin. As such, there are a lot of investors and speculators who are bailing on anything that isn’t Bitcoin. That is only to be expected, especially when the market remains uber-bearish.
Over the past 24 hours, there has been another near 10% drop for Bitcoin Cash in USD value. Additionally, there is a 7.2% decline in Bitcoin value. It has been a while since BCH dipped below the 0.025 BTC mark, yet it seems that may happen pretty soon at this rate. For now, there is no indication the current market sentiment will turn around, neither for BCH nor any other asset or currency on the market.
The positive news is how there will be yet another Bitcoin Cash Meetup in Pasadena this weekend. Events like these usually help to spread the word about specific projects, as well as get existing investors a bit more excited about what the future may hold. This Meetup will apparently discuss the “exciting roadmap for BCH’. An interesting aspect, as BCH needs a plan for the future.
Join the #BitcoinCash meetup tomorrow in Pasadena at 6pm. Have fun learning about the exciting roadmap for #BCH and receive free Bitcoin Cash using your smartphone. 😊📱👇🏼https://t.co/Z11DEGCrFp
— Bitcoin Cash Meetups (@BCHmeetups) December 14, 2018
On the other side of Twitter, there are those who are still pretty annoyed with the Bitcoin Cash “split” that happened about a month ago. Ever since this happened, the value of all cryptocurrencies has decreased significantly. One has to wonder if the Bitcoin SV creation is the only reason for this bear trend, which was in effect well ahead of this network upgrade.
https://twitter.com/AffairsDecrypto/status/1073457035616776192
A similar sentiment is echoed by Adhik Joshi, who isn’t too amused by all of these coins deriving value just because they have “Bitcoin” in their name. As such, he dislikes both Bitcoin Cash and Bitcoin SV, a sentiment that has been rather apparent for quite some time now. It will be interesting to see how things play out for all Bitcoin-named currencies over the coming weeks.
https://twitter.com/adhik_Joshi/status/1073434894867431425
Based on the current market conditions, it would appear there is no genuine improvement in sight whatsoever. All markets continue to struggle, despite some positive momentum on the hourly charts. Those gains are incredibly difficult to turn into a sustainable trend these days, which only adds more fuel to the proverbial fire. For now, a Bitcoin Cash price dip to $85 or potentially even lower is not out of the question.
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.