Bitcoin Cash, a result of Bitcoin’s hard fork in 2017 has begun to wither with each passing day. Prior to the hard fork, Bitcoin cash was blooming with gains, even as the bearish market kicked in, the token was still trading higher than its all time low of $400 in September.
Although the $500 level isn’t exactly far from $400, the token was striving to make a momentous climb, one that was likely to push it up to the next resistance levels of $550 – $610 in trading price.
However, this process was cut short upon the intensification of the bearish market, to add salt to injury, the Bitcoin Cash hard fork also led to a halt in traders partaking in any Bitcoin Cash related activity, ranging from sending and receiving of Bitcoin Cash, to deposits and withdrawals.
As of this writing, Bitcoin Cash has fallen by a great margin when compared to its attractive growth since its creation. The token is currently at an overall all time low of $382 in trading price and has declined by a good 8.72% according to data from Coinmarketcap.
After the hard fork in August, it took three months for the token to go live. Bitcoin Cash began trading on the 17th of November 2017, with a trading price of $909.16 and a trading volume of $19.9 billion in just its first day of trading. The token even hit its first all time high of $1217.42 on the very same day.
From November 18th to December 19th, Bitcoin Cash had gathered more than twice the amount of its infant trading price to settle at $2199.06. One would think that was a peak, but no, Bitcoin Cash jumped even higher to land itself another all time high of $4355 on December 20th, just four months after it was birthed.
However, as the new year drew closer, a decline would hinder the token from recording a trading price higher than the $4,000 level, whilst drawing it back to $2000 and even more backwards to $1000 in the first month of the new year.
In February, Bitcoin Cash fell to as low as its initial birth price of $900 and struggled between a trading price of $800 – $1000 until August, when the back and forth was long overdue. From August – October, the token moved from $600 to $400 in trading price, with its trading volume simultaneously falling to $7 billion.
Was the Bitcoin Cash run a pump and dump situation? Did the token amass gains too quickly? More importantly, can and will the token make a comeback anytime soon? One cannot accurately make predictions in the very complex world of cryptocurrency, however, a recent Twitter poll conducted by CivicKey’s Vinny Lingham has revealed that while 29% believe that the Satoshi Vision token hard forked from Bitcoin Cash would survive, 22% believe that it’s rival Bitcoin Cash ABC is likely to win the battle. More interestingly, the rest 49% are still holding strong to Bitcoin Cash.