2018-11-20 18:19 |
Most markets closed to facilitate last weeks contentious hard fork in Bitcoin Cash. While some major markets such as Coinbae remain closed, others have reopened and trade sharply lower. The price on CoinMarketCap which compiles price data from numerous exchanges is currently $235.
Bitcoin Cash is currently ranked fourth in terms of the total market cap but this adjustment to reflect lower prices brings it close to the market cap of Stellar ranked fifth regarding the market cap. If the price of Bitcoin Cash continues its downward trajectory, it could be overtaken.
The market for Bitcoin Cash on Kraken remained open throughout the fork and shows sharp decreases taking place both this week and last week. Both the RSI and MACD are moving to the downside representative of the strong seller momentum.
The forked Bitcoin Cash SV currently trades around $57.
Bitcoin Cash Daily Chart – Source: Tradingview.comRecent trading as seen on the Bitcoin Cash hourly chart shows price starting to increase over the past few candles. However, anytime this has occurred over the past week some sharp decreases have followed it.
The price is still finding its value post-fork, but with the bearish movements also occurring across the cryptocurrency market, it has given rise to a volatile environment. At the moment, what is clear is that support for Bitcoin Cash ABC is far above support for Bitcoin Cash SV and also that seller momentum is still strong across the market.
Bitcoin Cash Hourly Chart – Source: Tradingview.com Key Takeaways: Markets reopen for Bitcoin Cash and trade sharply lower. Market Cap approaches close to the market cap of Stellar Lumens which may overtake Bitcoin Cash. Seller Momentum is still strong both in Bitcoin Cash and across the rest of the cryptocurrency market. Support for Bitcoin Cash ABC is currently far superior to support for Bitcoin Cash SV. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin Cash [BCH] Falls Close to Stellar Lumens [XLM] by Market Cap was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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