The cryptoverse is full of negative vibe as the price of major cryptocurrencies in including Bitcoin continue to struggle on the downward slope. There is no positive momentum from the bulls and the bears seem to be in charge of the market. Bitcoin Cash, is one of the top losers in the market currently struggling to stay above a significant resistant level but setting new lows on a daily basis.
For the second time this week, Bitcoin Cash dipped below $1000. This possess questions about future long term projects on the Bitcoin Cash blockchain.
The Struggles Are Real for Cryptocurrencies
The struggles facing Bitcoin Cash is real. Anyone who has followed up with the price chart this week will acknowledge that the trend is negative. This is rather disappointing considering the steady price level Bitcoin Cash maintained initially. Bitcoin Cash fell from $1200 to $980 a few days ago.
Some industry analysts speculated that the price was falling because the investors were not yet convinced about the sustainability of the cryptocurrency. However, the truth is that Bitcoin Cash isn’t the only cryptocurrency falling in price. Almost all cryptocurrencies are facing a challenge at this time so Bitcoin Cash isn’t alone in the struggle.
The only hope is for Bitcoin to pick up in value and stop this decline. If Bitcoin’s price increases, the price of other cryptocurrencies that are currently being affected by it will increase.
Within the last 24 hours, Bitcoin Cash has experienced a 4.08% decline. However, the BHC/BTC pair has only declined by 0.92%. This confirms that the value of Bitcoin Cash would have been stable if Bitcoin wasn’t manipulated. It shows the link between Bitcoin and all other cryptocurrencies including Bitcoin Cash.
No one knows if Bitcoin Cash can regain control above $1000. While this may be possible, it still depends on the future of Bitcoin. Bitcoin’s price is going lower and lower and this is affecting other coins.