The current cryptocurrency market situation looks no better than it did late last night. In fact, the current market conditions are even worse than they were less than 24 hours ago. All currencies remain in the red, and it remains to be determined if the Bitcoin Cash price can remain above $700 for much longer.
Bitcoin Cash Price Concerns Rise
As is usually the case when the Bitcoin price is on the decline, all alternative cryptocurrencies will follow suit. In the case of the Bitcoin Cash price, things have gone downhill for weeks on end now pushing the value closer to the $700 mark at every possible turn. It is not the way most people want to see these markets evolve, but there is little to be done about it.
Over the past 24 hours, the Bitcoin Cash price has lost another 2.93% of its value. As such, the price is driven down to $705.76, and it seems the price will not remain above $700 for much longer. One could argue it will largely depend on how the Bitcoin price evolves in this regard, but the world’s leading cryptocurrency isn’t instilling too much confidence either right now.
Speaking of Bitcoin, BCH is losing value against the world’s leading cryptocurrency as well. Over the past 24 hours, the BCH/BTC ratio has declined by 0.85%. It is not the worst setback by any means, yet it goes to show how fragile all alternative currencies are. Everything is linked to Bitcoin in one way or another, and that situation won’t change for the foreseeable future.
Even though Bitcoin Cash is heading to $700 and potentially lower, it would appear plenty of enthusiasts are actively buying, selling, and trading this currency. With just over $338m in 24-hour trading volume, there is no reason to be overly concerned right now, but given the lack of positive price momentum, one can’t expect traders to be extremely excited either until things turn around.
OKEx is leading the charge for BCH trading right now, as both of its USDT and BTC pairs are in the top three. EXX is still the surprising entrant on this list, as it is one of those exchanges few people have heard of. Bitfinex chugs along in fourth place, and Huobi completes the top five. All things considered, everything seems to be in order, yet it is evident nothing has gelled to result in positive price pressure.
As is always the case, the current Bitcoin Cash price represents a snapshot in the history of cryptocurrency. It seems unlikely this situation will remain in place for long, although that doesn’t necessarily mean any real changes should be expected over the coming hours. If anything were to change, it is highly likely the result will be an even lower Bitcoin Cash price. That is not necessarily something to look forward to.