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As was to be expected sooner or later, the Bitcoin Cash price is going through a massive correction right now. More specifically, while the Bitcoin price is surging again, people are ditching BCH as quickly as possible. With a 21.33% drop over the past 24 hours, the Bitcoin Cash price is struggling to remain above $1,000. It is evident this situation may become unmanageable pretty quickly unless something changes.
BITCOIN CASH PRICE CORRECTION IS NASTY
While a lot of people held out idle hope the Bitcoin Cash price would return to $2,800 this week, that seems increasingly unlikely right now. In fact, it may prove to be virtually impossible to maintain a Bitcoin Cash price of over $1,000 for much longer. Right now, one BCH is still worth $1,020, but the bearish momentum is only intensifying as more time progresses. This momentum isn’t entirely unexpected whatsoever, though, as last week’s pump-and-dump cycle had to come to an end sooner or later.
More specifically, we have seen major Bitcoin Cash price volatility over the past seven days. We started out at a price of $623.44 a week ago and quickly rose to over $2,500 in the next few days. At one point, one BCH was valued at over half a Bitcoin while the world’s leading cryptocurrency was effectively struggling. Some people claimed Bitcoin Cash would become the new Bitcoin, but that idyllic thought never came true, for obvious reasons.
Ever since this peak, the Bitcoin Cash price has declined massively. That is only normal, as this sudden growth cannot be sustained in the long run. With the price dropping to $1,500 and then even lower, things have taken a turn for the worse. Right now, we see another 27.31% price decline against Bitcoin, bringing the BCH value back to 0.136 BTC. A long way away from the all-time high of over 0.5 BTC, and it seems the downturn is far from over at this point in time.
The Bitcoin Cash trading volume is also drying up, by the look of things. While $1.56bn over 24-hours is still pretty solid, it is a lot lower compared to the $4bn of just two days ago. It is evident most people are looking to sell BCH right now and they will push the Bitcoin Cash price down even further. People want their profit or cut their losses, depending on when they started buying into the hype. Diehard supporters will still claim this was never a pump, but the charts certainly state otherwise.
Although Bithumb is still the largest exchange of Bitcoin Cash right now, they are the only one generating over $500m in volume right now. Bitfinex and HitBTC complete the top three with around one-fourth of this number. It is evident interest in this altcoin is waning now that there is no more big money to be made overnight. It will be interesting to see how the market values Bitcoin Cash in the coming days, as catching this falling knife may prove to be either lucrative or nefast for one’s overall wealth.
All things considered, the Bitcoin Cash price correction was only a matter of time. Anyone who claimed that would not be the case needs to be scrutinized. It is unclear if this sell-off is triggered mainly by the current Bitcoin price trend, though. Belief in BCH is still strong, but it isn’t enough to maintain a strong value right now. All markets eventually recover, and the future isn’t looking all that bad for BCH. A big setback won’t spell the end of this altcoin whatsoever, though.
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