There is nothing positive to talk about when it comes to the current cryptocurrency markets. All currencies are still in the deep red, and there does not appear to be any light at the tunnel just yet. No one is successfully bucking this trend any longer, as even the Bitcoin Cash price is forced to give up valuable ground. Right now, one BCH is valued at just over $1,600. Whether or not we will see a Bitcoin Cash price rebound before Bitcoin recovers, seems highly unlikely.
The Bitcoin Cash Price is Struggling
Any cryptocurrency on the market is having a very bad week so far. With most coins down by 20% or more over the past 24 hours, it is evident things are not looking all that great. Especially now that the Bitcoin price is tanking hard, people expected some prominent altcoins to rise up. If there ever was a perfect scenario for Bitcoin Cash to stake its claim as the world’s leading cryptocurrency, it would be right now. Unfortunately, the Bitcoin Cash price can’t escape the gravitational pull into the lower price regions.
More specifically, the Bitcoin Cash price currently hovers near $1,638. Compared to a few months ago, this is still a very healthy gain, but most people only have short-term memories. When looking at the Bitcoin Cash price of over $3,000 not that long ago, things are looking very bleak right now. It’s always important to put things into their right perspective, though, as the overall trend for BCH is still relatively bullish. This current dip was coming sooner or later, and it is throwing all cryptocurrencies for a loop right now.
Granted, the past seven days have not been kind to the Bitcoin Cash price. Nor have they been to any other currency in existence, other than a few dubious projects. With the Bitcoin Cash price steadily dropped from almost $3,000 to $1,638 in quick succession, some people would prefer to panic rather than keep a level head. It is evident this is an issue not unique to BCH whatsoever, and things will turn around eventually. It will take some time before the sun shines upon cryptocurrency again, though.
With $1.39bn in 24-hour trading volume, one could say Bitcoin Cash is still doing just fine. After all, most of the orders are focused on selling rather than buying. Then again, every sell order means someone else is buying BCH at that specific price. The money is changing hands from panic holders to those who are confident all markets will rebound. This seems to indicate plenty of people expect the Bitcoin Cash price to appreciate over time. From a long-term perspective, this is a rather rational assessment.
The vast majority of BCH trading volume originates from OKEx. That is only normal, as they made Bitcoin Cash the base currency for all trading pairs. Bitfinex and HitbTC complete the top three. It is interesting to see all of these exchanges are well ahead of Bithumb in terms of trading volume. This may indicate South Koreans are not selling their holdings in such a panicked mess as the rest of the world. Only time will tell if that is effectively what is going on, though.
For now, it is unclear what the future will hold for cryptocurrencies. More specifically, the Bitcoin Cash price will probably continue to go down until this insanity finally comes to an end. When that will happen exactly, remains to be determined, though. Right now, it seems the bleeding is far from over, and turning the ship around will not be easy whatsoever. There is far more negative pressure on all cryptocurrency markets than one would expect, but this may only the beginning of what is yet to come.