The current cryptocurrency market situation doesn’t exactly instill a lot of confidence. That is only to be expected, considering how all of the top markets are in the red once again. The Bitcoin Cash price has lost 5.2% over the past 24 hours, which make sit one of the bigger “losers” in the top fifteen.
Bitcoin Cash Price Decline is Very Real
It is evident there is a lot of bearish pressure across all of the cryptocurrency markets for some unknown reason. Turning that situation around will not be easy whatsoever, but it seems there will be a lot of positive momentum later this year. That is what the experts expect, at least, but the current Bitcoin Cash price momentum isn’t exactly all that great.
To be more specific, the recent 5.20% Bitcoin Cash price decline shows how some altcoins will continue to suffer more from this bearish momentum compared to Bitcoin. It is not entirely uncommon to see altcoins lose even more value when the Bitcoin price is declining, though. In the case of the Bitcoin Cash price, remaining above $1,000 won’t prove much of a challenge, but anything above $1,050 may prove to be rather difficult.
There is also the decline in the BCH/BTC ratio to keep in mind at all times. Although this decline is less steep than the USD decline for Bitcoin Cash, it isn’t helping matters much at this stage. Even so, the Bitcoin Cash price is still going through a rough period, and it is very likely that will continue to happen for quite some time to come.
Even though BCH maintains a pretty solid interest across markets, its trading volume has dropped to $709.02 million. That in itself is more than sufficient for the time being, albeit it may not necessarily be sufficient to keep the Bitcoin Cash price above $1,050 for much longer. Even so, cryptocurrencies are always unpredictable, and the momentum can change course in the blink of an eye.
As of right now, OKEx remains the biggest trading platform for Bitcoin Cash. Its lead over HUobi isn’t too big, though, and Binance completes the top three. All of these exchanges offer USDT trading, which vastly trumps any pairs related to fiat currencies at this stage.
Looking at the bigger picture, the Bitcoin Cash price is doing just fine. The currency is still in the four-digit price range, even though it has dropped well below this threshold on more than one occasion as well. Whether or not the Bitcoin Cash price can remain above $1,050, will be the question that needs to be answered as soon as possible. For now, it seems that will be the case, although nothing has been put in stone just yet.