Until the bearish crypto market pressure subsides, it seems unlikely either Bitcoin or alternative markets will notice strong gains. For the time being, all of the top markets are in the dirt, with losses piling up very quickly for some. One of the biggest “losers’ to date is Bitcoin Cash, as its value is retracing rather sharply. This is primarily because of Bitcoin’s downtrend, although BCH itself has no reason to gain value either.
Bitcoin Cash Price Trend may not Bounce Soon
It is evident every currency derives value from Bitcoin these days. Even the markets which have tried to build a better Bitcoin are not seeing much success when the world’s leading cryptocurrency is struggling significantly. For Bitcoin Cash, the momentum is not looking all that promising either. In fact, there is a genuine chance things will continue to go downhill from here, which is rather worrisome.
Over the past few hours, the Bitcoin Cash price has lost nearly 6% in USD value and 3.5% compared to Bitcoin. As such, both of these trends…