With the Bitcoin price on the retrace, it is only normal alternative cryptocurrencies go through similar struggles right now. All of the currencies in the top 10 are in the red right now, a situation that may not change all that quickly. The biggest losses are for Bitcoin Cash, Litecoin, and Ethereum Classic. Especially the Bitcoin Cash losses come as a big surprise to most holders after this week’s price increase.
Bitcoin Cash Price Takes a Major Beating
Every time the Bitcoin price goes down, alternative currencies will suffer a similar fate. That doesn’t mean all currencies will drop in value by similar amounts, though. While Bitcoin is down 6% at the time of writing, its counterpart Bitcoin Cash of off far worse. More specifically, the altcoin lost nearly 13% of its value in the past 24 hours. With so much panic across all markets, that is not really surprising by any means.
For holders of Bitcoin Cash, this sharp retrace will come as a small surprise, though. Earlier this week, the Bitcoin “clone” started showing some positive momentum for the first time in about a full week. That momentum was rather short-lived, unfortunately, thanks to the news from China spooking the markets once again. This marks two weekends in a row Chinese officials have disrupted cryptocurrency markets, and it will probably not be the last time either.
Due to the value decline, the Bitcoin Cash price now hovers near the $550 mark. That is still a fair value for a currency that didn’t even exist two months ago. Earlier this week, the value was on target to surpass $700, but it fell just short in the end Ever since that time, the BCH price has been retracing ever so slightly, before eventually dropping significantly less than 24 hours ago. All markets have to recover from this recent shakeup, but some will always sustain bigger losses compared to others.
Bitcoin Cash still has a nice amount of trading volume over the past 24 hours, which will play to its advantage. Although some people will argue a $600m volume isn’t all that great compared to some other currencies, it is still a rather high amount compared to a few days ago. Right now, it appears people are more interested in selling rather than buying, though, which may hint at how it may take some time until BCH recovers.
Bithumb is leading the list of exchanges ranked by volume. NO surprise there, as the South Korean exchange is driving the volume for virtually all currencies they support right now. Huobi and OKCoin complete the top three, which is pretty interesting. Similarly to Bitcoin, both of those companies trade Bitcoin Cash a lot lower compared to the rest of the world. This trend also encompasses ViaBTC, Jubi, CNCX, and Yunbi. Especially this latter company is trading $160 below the global market average right now.
All things considered, the Bitcoin Cash price losses are not a big surprise by any means. Given the current Bitcoin price trend, altcoins will suffer from some to come. However, it’s never good to see an alternative version of Bitcoin lose more value than Bitcoin itself when the market is spooked This shows altcoins are still considered to be speculative assets first and foremost. That situation may not change anytime soon, regardless of the value said coins may boast at any given time.