There is nothing to be excited about in the world of cryptocurrency at this stage. Considering how all markets remain in the red, it is more than evident there will be no immediate relief. The biggest loser to date is Bitcoin Cash, as its value has lost 44% in the past 24 hours. That is quite spectacular, although it seems multiple factors are at play in this regard.
Bitcoin Cash price Decline Gets Brutal
Most people expected some price turmoil when the Bitcoin Cash protocol upgrade of November 15th was first announced. Every single time a cryptocurrency sees a bit of an uptrend, there will be some price volatility. This particular incident proved extremely interesting, primarily because a forked currency was created in the process. Known as BCHSV, it follows the vision Craig Wright and nChain have when it comes to Bitcoin Cash.
Unfortunately for BCH holders, the past 24 hours have not been overly positive by any means. There is a very steep price decline in both USD and BTC value. Losing 44% in USD value is troublesome, but losing 33.5% in BTC value is perhaps even more worrisome. As such, the value per BCH has dropped to just under $205, although it could go well below $200 in a few hours from now.
Several reasons influence this particular Bitcoin Cash price trend. First of all, all cryptocurrency markets have seen a massive retrace, which is only to be expected when the value per BTC takes a massive beating. As such, the BCH/BTC discrepancy can be explained, at least partially. Secondly, there is also the action by exchanges to label the ABC chain as Bitcoin Cash again.
Considering how ABC was trading well below the actual BCH value before the network upgrade, it is only normal further losses would be sustained in this regard. This ongoing Bitcoin Cash price decline has also triggered a shake-up in the market cap rankings. Stellar has, for the first time, overtaken BCH in terms of overall market cap.
Although the gap between the two is just $200m, it seems XRLm may continue to further push ahead of BCH in this department. This is an interesting side effect of how these markets evolve when the going gets tough. For the time being, it seems XLM will remain ahead of BCH, depending on how the markets evolve in the coming hours.
— BitcoinCash manager (@BCashManager) November 20, 2018
As one would come to expect, there is still a big price gap in between the different exchanges. More specifically, one BCH is cheaper on Bittrex compared to a few other market. For those who want to buy the dip in the hopes of a major market rebound, today may be a good time to do so regardless. Although a recovery seems rather unlikely right now, there is a good chance things will look different in a few days from today. As such, Bitcoin Cash will undoubtedly be of great interest for many different reasons.
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.