Bitcoin Cash plummets to new lows against Bitcoin as the buyer support disintegrated and crashed through support levels as we can see today in our latest Bitcoin cash news.
The data from price tickers such as CoinMarketCap confirms that the BCH/BTC pair is now at the worst levels in the coin’s three-year history. 1 BCH purchased is now worth $0.022 BTC which is 92% less than its peak of 0.285 BTC back in 2017. BCH launched as a fork from Bitcoin in August 2017 and enjoyed support from multiple industry figures and businesses. This started to wane as the altcoin’s popularity failed to compete with Bitcoin and left a dedicated group of supports as the main users of the platform.
The hard fork saw the emergence of Bitcoin SV in 2018 which was accompanied by high-profile infighting that saw multiple spats between the BCH proponent Roger Ver and Calvin Ayre. BCH started its recent downward spiral against BTC back in February after it hit a year to date high of $0.44 BTC. According to Alistair Milne, the outlook for the pair seems bleak with now buy levels left intact:
“Bcash vs. Bitcoin now in downward price discovery. No support levels left having hit new ATL’s last week.”
In the meantime, it Bitcoin remains locked in a battle for market dominance as the altcoin surges on the scene. On the back of DeFi’s success, Bitcoin now accounts for 55% of the total crypto market cap which is the lowest level since April 2019. Despite the fluctuations in market presence, the opinion coalesced around BTC and its hard forks, leaving BSV and BCH with almost zero attention. The CEO of crypto portfolio tracker CoinStats Narek Gevorgyan said:
“To be honest, it looks like a big bubble. Literally nobody cares about bcash but it’s still in top 10.”
Bitcoin cash plummets to new lows and failed to capitalize on the endorsements from Tim Draper as he initially tweeted, praising the coin and its properties. However, Draper later deleted the tweet and commented:
“I talked to Roger Ver and he did create a token… I didn’t realize that it had a security problem, but… he did create a token that was easily moved. So yeah I did put that tweet in, then I did a little more research and I pulled it off… I admire people who try new things, who do new things, and I’m less religious about one token or another.”
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