The cryptocurrency markets are not off to the greatest of starts on this new week. While that will not entirely surprise too many people, it is still a rather unfortunate development. The Bitcoin downtrend is, once again, dragging everything else with it. As has been the case for a while now, the Bitcoin Cash price seems to feel the worst of this effect.
Bitcoin Cash Price Decline Continues
Anyone who has closely watched the cryptocurrency market prices throughout 2018 may have noticed some peculiar developments taking place. Not only has Stellar’s XLM surpassed Bitcoin Cash in market cap on more than one occasion, it now seems the Bitcoin Cash price tends to lose more value when Bitcoin faces a slump. This somewhat inverse correlation between both currencies has been pretty interesting to keep an eye on, unless one is a BCH holder.
In the past 24 hours, the BCH price has lost another 5.7% in USD value and 2.2% in BTC value. Considering how Bitcoin continues to lose value, it seems to be a matter of time until the rest of the markets follow this bearish trend. Unless those altcoins can note gains in the BTC ratio, they will go down a similar road as Bitcoin Cash. This altcoin has suffered tremendously ever since the network upgrade created two different camps on November 15th.
When looking across social media, it seems there aren’t too many Bitcoin Cash-related discussions taking place right now. That is a bit unusual, considering how there are always people talking about BCH these days. The tweet by Cryptomedius confirms there is still a lot of hope for a higher BCH value in the future, although the current market momentum doesn’t necessarily warrant any major optimism right now.
Yep, my #BCH buy order went finally through, 50% IN at these prices – unbelievable 😆
— cryptomedius (@cryptomedius) December 3, 2018
McClaren, on the other hand, is not necessarily too happy about any altcoin coming to market. While claiming altcoin speculators are “degenerates”, there is an interesting sentiment to discover here. A lot of Bitcoin enthusiasts consider altcoins testing grounds for future Bitcoin development first and foremost. So far, it seems those altcoins are bringing some much-needed heat to Bitcoin’s dominance.
— McClaren (@mrcool629) December 3, 2018
Last but not least, one has to keep in mind more than one cryptocurrency can succeed at any given time. No one really doubts Bitcoin will remain the top dog in the industry, but there is no reason why Bitcoin Cash, Ethereum, and others can’t succeed as well. Justin Bons would love to see a diversified range of successes in this industry, even though it remains to be seen how the rest of the world feels about this ongoing competition.
I am an anti-maximalist, I want there to be many coins. Pluralism provides us with meaningful freedom of choice and the competitive environment acts as a crucible for development allowing the best chains to rise based on merit.#BTC #BCH #ETH #DASH #cryptocurrency #blockchain
— Justin Bons (@Justin_Bons) December 2, 2018
Under the current market momentum, it is very difficult to predict what the future holds for the Bitcoin Cash price. After all, it will mainly depend on how Bitcoin’s momentum evolves. Bitcoin Cash has been rather unsuccessful in decoupling itself from Bitcoin throughout 2018, and it is very likely the year 2019 will not offer any real improvements in this regard either. Even so, the dip to $150 hasn’t kicked in just yet, albeit that remains a very plausible scenario.
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.