BCH analysts remain bearish as the altcoin set an all-time low against Bitcoin, while most of the cryptocurrencies didn’t fare too well because of the poor results from the last bull market. Bitcoin which is more bullish fundamentally is down by more than 50% from its all-time high as we are reading more in the upcoming Bitcoin Cash news today.
BCH analysts remain bearish as it performed quite poorly over the past few months, and the situation is even getting worse. There was a time when a single BCH was worth 0.3 BTC but those days are long gone. As noted by CoinDesk’s market reported Zack Voell, Bitcoin Cash hit an all-time low against Bitcoin since it is worth 0.024 BTC which is down by 50% from the 2020 highs and around 33% from the 2019 highs. Bitcoin Cash’s weakness came after the prolonged strong performance at the start of the year when the crypto benefited from speculation and developments around Craig Wright and his title of being Satoshi Nakamoto.
Bitcoin Cash also had a block reward halving after which a steep decline followed. Bitcoin Cash’s underperformance was a byproduct of a classic rumor buying and news selling cycle in an asset. The network became fundamentally insecure after the halving, as the cryptoanalyst, Yassine Elmandjra at ARK invest wrote:
“Bitcoin Cash is not looking healthy: -Hashrate down 30% since halving (& only accounts for ~2% of SHA256 hash) -Economic throughput at all time lows -Fees are .05% of miner rev (<$100/day) -Theoretical 51% attack costs <$10k/hr. Surprised we haven’t seen a large scale attack yet.”
Unfortunately for the Bitcoin Cash holders, not many believe that the asset’s price will get any better. Simon Dedic, the co-founder of the crypto research company BlockFyre, believes that BCH will fall out from the top-10 group and wrote:
“$XRP, $BCH, $BSV, $LTC and $EOS absolutely do NOT deserve belonging to the TOP 10 cryptocurrencies. Actually can’t wait until they vanish and clear the way for solid candidates.”
Many commented about him believes saying that the BCH sentiment has credence due to the lack of economic value that the network provides. Max Keiser, the host of the Keiser Report and BTC bulls, confirms the skepticism. He wrote that the asset is ‘’scarily insecure” which comes shortly after Keiser said that 99% of the market’s cap will centralize in Bitcoin.
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