Bitcoin Cash [BCH] Struggles to Rise Amid Bullish Market Movements
The cryptocurrency market has been recording bullish market movements over the past three days. The market leader Bitcoin which represents 54% of the total cryptocurrency market cap has appreciated back above $4000, and many major cryptocurrencies have also been recording large price rises.
Most cryptocurrencies are recording gains again today, but Bitcoin cash is struggling to record price rises. Bitcoin Cash met strong resistance at $200 yesterday and has since retraced to trade around $180. The 2018 low for Bitcoin Cash recently formed around $150 on over the weekend. A return to bearish market conditions would likely see Bitcoin Cash return to this point.
There could be a number of factors driving this underperformance in Bitcoin Cash. A controversial hard fork took place in Bitcoin Cash two weeks ago resulting in Bitcoin Cash SV forming. A hash battle took place between Bitcoin Cash and Bitcoin Cash SV, and it is likely that some key resource remains with Bitcoin Cash SV. This would lead to a weaker Bitcoin Cash network and maybe getting reflected in the underperformance being seen.
It looks likely that Stellar will surpass Bitcoin Cash to take the rank of the fourth largest cryptocurrency by market cap. The market cap of the two cryptocurrencies are very close, and Stellar Lumens briefly surpassed Bitcoin Cash already last week.
- Bitcoin Cash has been underperforming with most of the cryptocurrency market recording bullish movements this week.
- Bitcoin Cash met resistance at $200 yesterday and has since retraced. A return to bearish market conditions would likely see a price drop to the 2018 low around $150.
- The hard fork which took place two weeks ago could be playing a big role in the underperformance we are now seeing in Bitcoin Cash.
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