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Bitcoin Cash BCH Down By 5%, Market Still Struggling To Rally

13 december 2018, 22:55 by John Kiguru

Bitcoin Cash BCH Down By 5%, Market Still Struggling To Rally

Bitcoin Cash is losing ground again. After soaring yesterday and getting above $100, the coin has slipped back and dropped far below the mark. At the time of press, Bitcoin Cash is trading at little over $97 with a more than 5% drop in the last 24 hours. The drop comes as a result of a wider market drop with major coins dropping in position, bitcoin has dropped below $3,500, a move that is becoming too common with the coin. XRP is still stuck in the $0.30 position with marginal losses coming today and Ethereum is dancing up and down the $90 position.

The dip has seen the total market cap drop back to a little over $108 billion.

The drop comes days after OKEx crypto exchange announced that they would be listing Bitcoin Cash ABC- the presumed original Bitcoin Cash, under its original ticker BCH. The sixth largest crypto exchange- OKEx, becomes the latest exchange to award the BCH ticker to Bitcoin Cash ABC despite the coin’s turmoil. Major crypto exchanges that have sided with Bitcoin Cash ABC include Coinbase and Gemini who have both awarded the BCH ticker to the coin. This has largely boosted its confidence among investors and prevented most of them from switching sides.

At the beginning of the month, Bitcoin Cash soared above $115, a position it has been trying to get back at. It has however encountered resistance at the $110 position. This has continually prevented the coin from soaring anywhere close to the position it was before the coin underwent a hard fork.

The tussle between the bears and the bulls is expected to go on for the next couple of days with each trying to pull prices their way. Although frustrating, this will give the coin stability and ensure it is poised for a rally in the coming days.

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