Bitcoin Cash [BCH] Continues to New 2018 Lows

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Bitcoin Cash has continued its decline and has broken below support at $150 and formed a new low around $135. The catalyst for the decline was a hard fork which took place mid-November. The hard fork resulted in a battle for hash power taking place between Bitcoin Cash and the hard forked Bitcoin Cash SV.

Hash power is important for the security of the network. The decreased hash power behind the Bitcoin Cash network has had a negative impact on price as investors reevaluate the value given the decreased security of the network.

Bitcoin Cash Hash Rate

The decrease in price and hash rate has resulted in Bitcoin Cash dropping in the cryptocurrency rankings. Bitcoin Cash was the fourth largest cryptocurrency by market cap for much of 2018 but has now been overtaken by Stellar Lumens. Bitcoin Cash SV is ranked ninth at a price of $89.

Top Ten Cryptocurrencies by Market Cap

Bitcoin Cash looks likely to continue its decrease after dropping for four consecutive days. The price has continued to drop despite some bullish movements being recorded on occasions in other major cryptocurrencies. The daily RSI is also decreasing reflective of the seller momentum.

Bitcoin Cash Daily Chart – Source: Tradingview.com

Key Takeaways:

  • Bitcoin Cash has continued its decline to form a new low for 2018 around $135.
  • The catalyst for the decline was the battle for hash rate which took place between Bitcoin Cash and Bitcoin Cash SV.
  • Price looks likely to continue with Bitcoin Cash recording more bearish movements than other major cryptocurrencies.
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