Bitcoin Cash hits record lows vs. Bitcoin days before hard fork

Blockonomics is a decentralized and permissionless bitcoin payment solution

Altcoin traders continue to feel the pain as Bitcoin (BTC) gains, while Bitcoin Cash (BCH) hits new all-time lows. 

Data from Cointelegraph Markets and other sources show that as of Nov. 10, BCH is worth less in BTC terms than ever before.

Bitcoin Cash plunges to new BTC lows

At press time, BCH/BTC traded at 0.017 BTC, comfortably beating its previous record low of 0.0245 BTC seen in December 2018.

The hard fork of Bitcoin has seen little attention this year, as investors focused on Bitcoin and then the decentralized finance phenomenon. The announcement of another hard fork of the Bitcoin Cash network, set for Nov. 15, has done little to buoy the coin’s prospects, data shows.

BCH/BTC historical weekly chart. Source: TradingView

In USD terms, Bitcoin Cash has spent the past three months fluctuating in a corridor between $230 and $280, while Bitcoin itself has increased by a third in value.

Unsurprisingly, Bitcoin proponents took a dim view of the upcoming hard fork, something which has sparked a familiar tussle between businesses opting to support or reject the resulting new coins.

“Hopefully this election drama will clear up before the next scheduled shitcoin drama: T minus 10 days to the next bcash fracture!” CasaHODL co-founder Jameson Lopp summarized on Twitter last week as the hard fork was confirmed.

Litecoin sees lowest-ever weekly close

For Litecoin (LTC), price data shows a similar story. LTC/USD traded at 0.0038 BTC on Nov. 10, increasingly close to its extant bottom of 0.003 BTC from March 2017.

On the weekly chart, the pair printed its lowest close in history this month.

LTC/BTC historical weekly chart. Source: TradingView

Noting the lack of performance by both Litecoin and Bitcoin Cash since PayPal confirmed that it would support both assets along with Bitcoin from 2021, one popular Twitter account summed up the mood among those who favor BTC.

“We think it’s a bad business decision and also morally and ethically bankrupt for PayPal to allow retail customers to purchase BCH and LTC,” it wrote on Nov. 5.

“Many retail investors will be tricked with misleading copy like below into purchasing assets that are completely worthless. It’s not right.”

Some traders continue to forecast the return of “alt season” next year, although prospects remain bleak for the near term. Meanwhile, Bitcoin’s market cap dominance has reached 64%, its highest since June.

Source link

Blockonomics is a decentralized and permissionless bitcoin payment solution

Be the first to comment

Leave a Reply

Your email address will not be published.