Two days ago, the bearish market made an intense landing on all cryptocurrencies, today the market is looking slightly buoyant, although not enough to keep some tokens afloat. Bitcoin Cash happens to fall into this unfortunate category. Shortly after the hard fork which took place in the last few hours, the token has dropped by 7.26% today.
The decline in trading price can be linked to the halt in both withdrawals and deposits of BCH due to the fork, however, prior to the fork, the token was impressively crawling up from the $500 mark to break resistance levels at $550 to $600.
On the 15th of November, the token opened up at $511.63 and moved slightly upwards to hit a trading price of $525.27, just as soon as it bounced up, it fell back to 421.20 and closed up slightly higher at $439.31. BCH was certain to continue its bullish run that would’ve pulled the token to as high as $600, this was evident in the consistency in its trading price for the past six days when the token stabilized at a $500 level.
In fact, on the 7th and 8th of November, the token was trading at $616 to $630 with a daily all-time high of $619 to $638 respectively. Before Bitcoin Cash was hard forked, trading volume was around $979.24 million, as of this writing, the token is trading at a volume of $746.92 million with a trading price of $407.10.
One cannot help but question the future of Bitcoin Cash, especially considering that it’s hard fork was birthed out of a feud that may have contributed to the intensity of the bearish market. Some traders are already suggesting that the hard fork would lead to a downfall of the token, as such, some are interpreting the decline as a rock bottom movement.
Binance’s infant token BNB has also dropped by 0.04% even after its listing on the Ugandan fiat-crypto branch. Although Ugandans warmly received Bitcoin and Ethereum upon its listing, Ugandan traders are yet to show any form of pronounced interest in BNB.