Despite all the changes and developments, Bitcoin Cash continues to decline further. For example, in the past twenty-four hours, the value of the digital currency has decreased by 9 percent, adding to its weekly loss of 13%.
This might have been as a result of the mixed reaction after the upgrade from 8 megabytes to 32 megabytes occurring at a time when the transaction on daily basis is about 20,000 at 8 kilobytes per block. But no one knows when the digital currency shall use full capacity and fill 32 megabytes per block. Considering rivalry especially from Ethereum and Bitcoin, the former plans on sharding, but this might take a while to happen.
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Is BCH an amazing product? Undeniably! Will the digital currency replace Bitcoin (the leading digital currency) and take over the digital currency market? Well, that’s not certain right now, but who knows! For traders, speculators, and investors, timing good entry positions and waiting for the slidelines can be cautious than trading slight swings.
The Technical Analysis of Bitcoin Cash
In the weekly chart of the digital currency, prices are basically topping. After the double bar bear reversal pattern of last weekend, it is possible that prices might decline further. Last week ended lower irrespective of the abnormal volumes indicating that there were some sort of liquidation and rejections of higher-highs at the level of resistance. Until this changes, this week will possibly end as a bear.
The Current Value of Bitcoin Cash
At the time of writing, the digital currency is trading at $1,156.47 after a decrease of 4.25 percent in the last twenty-four hours. The digital currency even traded as low as $1,129.87 in the last 24 hours, and the currency resistance level is at $1,200. The present market cap of the digital currency is $19.81 billion.