Dim Prospects for Bitcoin Cash [BCH] Price as it Returns to 2018 Lows

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The market leader Bitcoin has been trading around $4000 after forming a low below $3500 during the bearish market declines. Its hard fork, Bitcoin Cash has formed new 2018 lows around $145 with declines taking place over the past three days.

Bitcoin Cash recently had its own hard fork which took place on the 15th of November. Prior to the hard fork, investors drove the price of Bitcoin Cash up in anticipation of receiving the hard fork of the coin in a 1:1 ratio. Price managed to reach around $630 before plummeting during the week before the hard fork and afterward. The price currently trades around $150.

Bitcoin Cash Daily Chart – Source: Tradingview.com

After the hard fork, a battle for hash power took place between Bitcoin Cash and the hard forked Bitcoin Cash SV. This resulted in the has power behind Bitcoin Cash drastically dropping. With hash rate being a good measure for the security of the network, the price is likely continuing to drop as investors reassess the security and value of the Bitcoin Cash network.

Bitcoin Cash Hash Rate

The outlook for Bitcoin Cash looks markedly more bearish than other major cryptocurrencies. It is a strong possibility that the price could continue to drop from here. Bitcoin cash is ranked 5th in terms of the total market cap of cryptocurrencies after being ranked 4th for the majority of 2018.

Cryptocurrency Rankings

Key Takeaways:

  • Bitcoin Cash continues to fall and forms a new 2018 low.
  • The hash rate of the network has markedly dropped since the hard fork and price is likely continuing to drop to reflect the more insecure network.
  • Bitcoin Cash has dropped in the market cap rankings after ranking 4th for the majority of 2018.
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Dim Prospects for Bitcoin Cash [BCH] Price as it Returns to 2018 Lows was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.