Bitcoin Cash previously announced a hard fork due to the crucial disagreements between the visions of two different teams taking care of Bitcoin Cash since it was originally forked out of Bitcoin (BTC) chain.
The two teams, Bitcoin ABC and Bitcoin SV decided to split, which resulted in splitting the chain in two as well,
While Bitcoin ABC is looking to implement some major changes, Bitcoin SV is returning to the original Satoshi Vision (SV) going back to version 1.0.0.
As hard fork took place several days back on November 15th, Bitcoin Cash isn’t stopping to take some breath as the currency is finding new lows with the latest dip.
Bitcoin Cash Hard Fork is Killing the Value of BCH
Bitcoin Cash took a memorable lift towards acquiring more than 50% of gains at the beginning of November, collecting the initial set of gains in less than 6 days.
Jumping from the value of around 422$ to over 600$ during this time period, Bitcoin Cash soon started to drop without stopping to take a rebound.
The main indicator of the drop is seen in the latest hard fork that took place several days ago and split the chain in two.
Now that all operations regarding Bitcoin Cash are blocked on most exchanges supporting this hard fork, Bitcoin Cash is still seen in an accelerated drop that consequently the crypto below the price of 400$.
Bitcoin Cash – weekly chart – Coinlib
At one point on November 17th, Bitcoin cash went down to touch 388$, however, the crypto was able to acquire some minor gains in the course of several hours which brought it up to 391$ and closer to the value of 400$, still far from its all-time high of over 4,000$.
With this state in the market, Bitcoin Cash almost too easily became the top losing currency among the list of top traders with a great possibility that the crypto will keep declining; at least until exchange operations for BCH are resumed.
Extended BCH Declines are Risking the Loss of the Current Position in the Market
Just as we have seen Ethereum (ETH) losing its status of the second-best crypto asset to XRP several days ago when the mass dips stroke the market, we just might as well witness another rank switch observing the current state of Bitcoin Cash.
Ranked as the 4th-largest cryptocurrency, BCH is sliding down plummeting in its overall value which brought down to 6 billion in market cap.
On the other hand, Stellar Lumens (XML) ranked as the fifth top crypto is showing some amazing resistance against the market trends, still being one of the top traders in the dipping market.
With 4.6 billion in market capitalization and positive returns despite the negative market trends, Stellar Lumens could get past BCH and take the place of the fourth largest crypto in case Bitcoin Cash keeps declining at the current rate.
Whatever the case, the future of Bitcoin Cash as we know it sure seems to be in a serious transition that is costing the crypto nearly -30% of its value in the last seven days.
Image Credit: TheNextWeb
