Bitcoin cash was one of the best performers when cryptocurrencies like Bitcoin with recovering. However, once the downtrend has resumed, Bitcoin Cash is also falling at the rapid pace. It has risen from $ 700 all the way to $ 1400. Currently, it is staring back at $ 1000.
Price problems for Bitcoin Cash:
Clearly, Bitcoin Cash is not able to sustain its higher levels. It had reached levels of $ 1400. In the past 24 hours alone, it had fallen by 12%. It has dropped from $ 1400 to almost $ 1050. This clearly indicates that it is not able to sustain at the higher levels.
Moreover, it is also declining due to the ratio between Bitcoin Cash and Bitcoin. The ratio has declined by 6.61% in the last 24 hours as well. As a result, Bitcoin is becoming more and more dominant as compared to Bitcoin cash. This clearly indicates that the momentum is turning as well.
The volumes have been high in the past 24 hours. They are around $ 690 million. This clearly indicates that it is falling on significant volumes as well. Also, as it falls, the volume is rising once again. As a result, it cannot be said that it is only falling on thin volumes. It is falling on heavy volumes which indicates that there is actually no support. Most of the people are just selling Bitcoin Cash.
One thing which is for sure is that cryptocurrencies can be highly volatile. However, you need to keep in mind that the volatility in Bitcoin cash is always on the higher side as compared to the other cryptocurrencies. That is why, when it is moving downwards as well, the volatility in Bitcoin cash is actually on the higher side. As a result, when it is losing ground, it will lose ground significantly as well. This is a clear indication that Bitcoin Cash will fall significantly as well.
Wait and watch:
Most of the Bitcoin Cash holders are just waiting for any bounce back. Only once they will be able to get a bounce back, they can exit Bitcoin Cash at a respectable level. Till then, they just have to witness the volatility in the cryptocurrency. They cannot do anything about it.
If you’re the Bitcoin Cash holder, it is a good idea to ignore the price movements for the time being. Only once it settles, you will be able to know about the actual valuation of Bitcoin cash.