Bitcoin Cash has continued its difficult year of price movements as it struggles to trade above the USD 248 resistance level.
It has now fallen 32.22% since the high of $ 338 in early August, with it also slipping significantly against its Bitcoin trading pair.
Bitcoin Cash's market cap is currently at $ 4.3 billion, which is an astonishing 94.9% below the all-time high of $ 62 billion when it was released in December 2017.
While the broader cryptocurrency market appears to be entering a bullish phase, fueled by the increasing popularity of decentralized finance (DeFi), Bitcoin Cash appears to be poised for another downward revision.
It's worth noting that $ 204 is a fairly stable level of support that dates back to late 2018. However, a lack of significant volume and interest means it is on the verge of declining in the coming months.
Slightly bizarre, although Bitcoin Cash has been laid off by much of the industry, renowned venture capitalist Tim Draper announced it was invested in Roger Ver & # 39; s split Bitcoin project.
However, he continued to admit that the vast majority of his holdings were in Bitcoin itself, which is currently valued at $ 11,000.
In terms of immediate price movement, if Bitcoin Cash can climb back to $ 247, it could well target the $ 282 resistance level before month end, but what seems more likely is a retest of the $ 204 level of support.
More news, how-to guides, and cryptocurrency analysis can be found here.
Up-to-date live BCH pricing information and interactive charts are available 24/7 on our website. The ticker bar at the bottom of every page on our website shows the current BCH price. The prices are also available in various currency equivalents:
U.S. dollar – BCHtoUSD
British Pound Sterling – BCHtoGBP
Japanese YEN – BCHtoJPY
Euro – BCHtoEUR
Australian dollar – BCHtoAUD
Russian ruble – BCHtoRUB
Bitcoin – BCHtoBTC
About Bitcoin Cash
Bitcoin Cash was born out of the idea of making Bitcoin more practical for small, everyday payments. In May 2017, Bitcoin payments took about four days unless a fee was paid that was proportionally too high for small transactions. A change to the code was implemented and Bitcoin Cash was born on August 1st, 2017.
More Bitcoin Cash news and information
For more information on Bitcoin Cash or cryptocurrencies in general, use the search box at the top of this page. Here's an article to get you started:
As with any investment, it is worth doing some homework before parting with your money. Cryptocurrency prices are volatile and rise and fall quickly. This page does not recommend any particular currency or whether or not you should invest.
You may also be interested in our cryptocurrency manuals as well as the latest cryptocurrency news.