The price of Bitcoin Cash dips down to over a month’s low.
The hard fork of Bitcoin has been facing some challenges lately and reached a one month low when it got to $978.27 this morning. This showed a 17% decline in just 24 hours of trading. From Sunday’s $1,300, it has dropped by 25% which is leaving investors worried.
Why is Bitcoin Cash Price Dropping?
Analysts have different opinions about why the price of Bitcoin Cash is dropping. The managing director of eToro, Iqbal Gandham, said that the digital currency is on a continued struggle to become the one and only Bitcoin.
“Bitcoin Cash has been unable to prove to the cryptocurrency community that it is a more stable network for transactions even with the recent upgrade of its blockchain protocol. This makes it nothing but a replica of Bitcoin”.
“I believe Bitcoin Jesus, Roger Ver, is playing a dangerous game by trying to manipulate people into buying Bitcoin Cash instead of Bitcoin.” According to the president and founder of Swatt Exchange, Marshall Swatt.
“I have no problem with Bitcoin Cash, and I believe it is valuable in the market, but there is no need to create a brand battle between Bitcoin Cash and Bitcoin Core. The battle will not help the long-term adoption of Bitcoin Cash in the future.”
Some other analysts believe that the cryptocurrency market is going through hard times. The market capitalization has fallen by 12.7% within about 24 hours and has dropped by 17% since on Sunday.
The CEO of Latium, David Johnson, said that Bitcoin Cash isn’t the only cryptocurrency that is losing value even if it is losing most significantly.
In his words:
“I am not inclined to blame this fall in price to network issues. I believe it is just a normal trend reflecting the correlation between Bitcoin and every other coin.”
This means that the price of Bitcoin ultimately affects the price of other coins.