Bitcoin Cash Drops In Ranking - Is It The Reason Why The Market Is Still Bleeding? Tuesday, November 20th
Bitcoin Cash Drops In Ranking- Now Fifth, Is It The Real Reason Why The Market Is Bleeding?
The last couple of days have been every holder’s nightmare. No coin has been left untouched with cryptocurrencies losing value in big numbers. The drop has affected coins differently and this has led to some major movement in ranking. Ripple has since the drop climbed to become the second largest cryptocurrency and Stellar has climbed to become fourth, overtaking Bitcoin Cash.
Most coins have now recorded new 2018-year lows making this drop the most severe one. Since the market begun bleeding, more than $40 billion has been wiped off the market. In the last 24 hours, Bitcoin has lost over 15% in value and Ethereum over 13%.
BCH(BCHABC)/USD Price Chart, November 20th:
Most major cryptocurrencies have recorded price drops ranging between 10% to 30%. Bitcoin Cash holders have particularly felt the pain more severely. In the last couple of days, Bitcoin Cash has dropped by more than 40%. The reason for Bitcoin Cash’s drop and the wider market drop has been credited to Bitcoin Cash’s recent hard fork.
As we had reported, Bitcoin Cash was scheduled for a hard fork on November 15 which was as a result of developers and miners disagreeing. This has since seen the birth of bitcoin cash SV and bitcoin ABC. The creation of these two splits has however led to a hash rate war that might be fueling the recent price drop.
According to reports, the two are locked in a hash rate war with Bitcoin ABC supporter, Jihan Wu, co-founder of Bitmain, allocating hash rate from bitcoin to bitcoin cash. As a result, this has affected bitcoin prices, he is himself quoted stating that a move like this could see bitcoin fall below $5,000, which has today- November 20 come true.
This makes a compelling case that the Bitcoin Cash hard fork is the reason the market is bleeding. However other factors have come into play such as panic and the fact that the frustrating sideways action being experienced in the market prior to the drop created a favorable environment for the bears to move in.
So far, it seems that the market will end on a low but the crypto community remains optimistic that a price reversal is on the horizon.
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