Bitcoin Cash (BCH), a future shitcoin? Nothing, however, foreshadowed the current debacle of a crypto that had the support of heavyweights in the cryptosphere when it forked with Bitcoin (BTC). Yet BCH is still in the top of cryptocurrencies: so it takes so little to shine in the cryptosphere?
Bitcoin Cash is just a shadow of itself
Bitcoin Cash struggles to get up after a slight improvement in its price. Data from Cointelegraph Markets and of CoinMarketCap indicate that the price of the pair BCH/BTC is at its lowest level since the launch of Bitcoin Cash in August 2017.
1 BCH exchange with 0.021 BTC at the time of writing this article; this price is about 92.2% below its ATH at 0.285 BTC registered in December 2017.
The beginnings of Bitcoin Cash had been marked by the support of several figures in the crypto industry.
This support seems to have completely disappeared by now, except for a small group of die-hard supporters who are also the main users of BCH.
Bitcoin Cash had started its downward spiral in February 2020, when most altcoins were performing positively.
The entrepreneur Alistair Milne indicates that the future of BCH looks rather bleak: according to him, at this point, the BCH no longer has the support needed to reverse the trend.
same Tim draper, who warmly congratulated Roger ver for the launch of BCH, seems to have revised its position.
Less than 1 BTC to attack Bitcoin Cash
Bitcoin Cash However, it still ranks among the top 10 cryptocurrencies in terms of market capitalization, a paradoxical fact that some analysts call a bubble.
According to the site Crypto51, the cost of a 51% attack over one hour against BCH is $ 9,914 versus $ 554,672 for Bitcoin (BTC).
The latter is still in the race for market dominance despite the growing progression of altcoins: the market capitalization of Bitcoin currently represents 55.8% of the entire market, its lowest level since April 2019.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Can Bitcoin Cash reinvent itself to rebound its price or is it really doomed to a gloomy future? How long will his last supporters hold out? A fork is always risky as long as it is only legitimized by some of the nodes of the original blockchain: independence is good, you still have to be able to assume it and succeed. Is this the lane reserved for the different forks like ETC?
Litecoin, welcome in the Silver Age