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Bitcoin Cash [BCH] Continues to 2018 Lows

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The hard fork of the Bitcoin Cash protocol has ended up being detrimental to price. The hard fork resulted in a battle for hash power taking place between Bitcoin Cash and the hard forked Bitcoin Cash SV. Hash power secures the network, and the price has been dropping in Bitcoin Cash to reflect the decrease in hash power.

Bitcoin Cash Hash Rate Over Past Three Months

Price is currently approaching 2018 lows around $150. Bitcoin Cash had been trading in a range from $200 to $150. It yesterday met resistance at the $200 mark but retraced to close around the same point that it opened. It continued to decline today and currently trades around $155.

The outlook is setting up more bearish for Bitcoin cash than many other major cryptocurrencies. Many of the major cryptocurrencies have been recording bullish movements recently whereas Bitcoin Cash has struggled to increase and has recording larger increases compared to other cryptocurrencies.

Bitcoin Cash Daily Chart – Source: TradingView.com

Bitcoin Cash has also dropped in the cryptocurrency market cap rankings. For much of 2018, Bitcoin Cash has been ranked fourth by market cap, but the recent underperformance in relation to the rest of the market has resulted in Stellar Lumens overtaking it for the fourth spot.

Cryptocurrency Market Cap Rankings – Source: CoinMarketCap.com

Key Takeaways:

  • The hash rate of Bitcoin Cash has dropped after the recent hard fork. Hash rate reflects the security of the network and the price has been dropping to represent a less secure network.
  • The price currently trades near 2018 lows and has been underperforming other major cryptocurrencies.
  • Bitcoin Cash has been overtaken by Stellar Lumens in the cryptocurrency market cap rankings.

Bitcoin Cash [BCH] Continues to 2018 Lows was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.