Bitcoin Cash hits record lows compared to Bitcoin before the hard fork occurred, with bitcoin showing little signs of life prior to its hard fork as it outstripped the performance so let’s read more about It in our bitcoin Cash news.
The altcoin traders continue to feel the pain as BTC Gains while Bitcoin cash hits record lows. The data that we have today shows that as of November 10, BCH is worth less in BTC terms than ever before. At press time, the BCH/BTC pair traded at 0.017 BTC, comfortably beating the previous record low of 0.0245 that was seen in December 2018. The hard fork of BTC saw little attention this year as investors mainly focused on Bitcoin and the decentralized finance phenomenon. The announcement of another hard fork of the Bitcoin Cash network is set for November 15 but it did nothing to buoy the coin’s price as the data shows.
In USD terms, Bitcoin Cash spent the past three months fluctuation in a corridor between $230 and $280 while BTC increased by a third in value. The proponents took a dim view of the upcoming hard fork which is something that sparked a tussle between the businesses opting to support or to reject the resulting new coins. CasaHODL co-founder Jameson Lopp explained:
“Hopefully this election drama will clear up before the next scheduled shitcoin drama: T minus 10 days to the next bcash fracture!”
The price data shows a similar story. The LTC/USD pair traded at 0.0038 BTC today which is close to the extant bottom of 0.003 BTC from 2017. On the weekly charts, the pair printed a low close as well. Noting the lack of performance by both LTC and Bitcoin Cash after PayPal confirmed that it will support both assets along with BTC from 2021, one trader summed up the mood:
“We think it’s a bad business decision and also morally and ethically bankrupt for PayPal to allow retail customers to purchase BCH and LTC. Many retail investors will be tricked with misleading copy like below into purchasing assets that are completely worthless. It’s not right.”
Some traders predict that the return of the alt season will happen in 2021 but prospects remain bleak for the near-term as well. Bitcoin’s market cap dominance reached 64% which is the highest point since June.
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