From $4,350 to $117: Is #BitcoinCash (BCH) Entering Death Spiral?
The Bitcoin Cash price continues to record new yearly lows, currently trading within its fifth consecutive session in the red. The BCH/USD rate has dropped below $120 in the latest sell-off, noting more than 97% depreciation since its all-time high. Since November 7, when the pair was trading at $638, it has tanked more than 81% in value. In comparison to other cryptocurrencies that also established their yearly lows recently, the price plunge in the Bitcoin Cash market is more severe. The reason why investors are finding it difficult to hold onto their Bitcoin Cash is lack of confidence in the Roger Ver-led team.Following months of discussions over the future of the Bitcoin Cash project, the community decided to split the blockchain to upgrade its core protocol.There was also a section led by nChain founder Dr. Craig Wright and online gambling billionaire Calvin Ayre that revolted against Ver’s Bitcoin Cash upgrade plans. They decided not to support the hard fork and announced that they would launch their separate Bitcoin Cash chain.On November 15, the Bitcoin Cash blockchain forked to give birth to two competing chains: Ver’s Bitcoin ABC and Dr. Wright’s Bitcoin SV. The split didn’t go peacefully, however.
About Bitcoin Cash: Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as "Peer-to-Peer Electronic Cash". Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. Bitcoin Cash is a peer-to-peer electronic cash system. It's a permissionless, decentralized cryptocurrency that requires no trusted third parties and no central bank. In 2017, the Bitcoin project and its community split in two. Perhaps the least controversial way to refer to each side is simply by their respective ticker symbols, BTC and BCH. Bitcoin Cash is usually represented by the BCH ticker symbol and is considered by its supporters to be the legitimate continuation of the Bitcoin project as peer-to-peer digital cash. With Bitcoin Cash, you can send money to anyone, anywhere in the world, 24 hours a day, 365 days a year. Like the Internet itself, the network is always on. No transaction is too big or too small. And you never need anyone’s permission or approval.
Bitcoin cash is the 5th largest cryptocurrency by market cap size with a current market cap of $1,993,459,518. It's down 14.90% over the past 24 hours and is currently trading at $113.94. Bitcoin cash has a circulating supply of 17,496,075 BCH. It can be bought with fiat dollars, debit, and credit cards at cryotocurrency exchanges such as Coinbase and Changelly.