Bitcoin cash (BCH) rose on Monday, as the crypto community regained its senses following China’s ban on initial coin offerings. The forked BCH cryptocurrency has struggled to gain momentum after a roller coaster first week of trading back in early August.
BCH: Stuck in a Range
Bitcoin cash appears to have settled after a fresh weekend selloff wiped billions from its market value. The BCH/USD exchange rate climbed more than 7% during Asian trading to reach $552.00, according to CoinMarketCap. More than $372 million worth of BCH traded hands over the past 24 hours.
BCH’s dollar-denominated market cap is roughly $9.2 billion. The token lost roughly $2 billion over the weekend on fears that China’s ICO attack would extend far beyond the new crowdfunding model.
Bitcoin cash settled at $767.76 in its first 24 hours of trading on Aug. 2. Prices have yet to regain that level. Since hitting $707.83 on Aug. 19, the token has mostly fluctuated between $500.00 and $700.00.
At the time of writing, bitcoin cash is trading above its major support level of around $550.00. The token is likely to face strong resistance in the mid-$600.00 range. Prices remain highly volatile, as evidenced by the recent rollover.
BCH Struggles to Catch On
Bitcoin cash has struggled to earn support from a large segment of the blockchain community. Coinbase executive Brian Armstrong recently shared his thoughts on bitcoin cash in a Twitter post.
Armstrong said Coinbase is “agnostic” on which assets are included on the currency exchange, but that it won’t “rush anything out.”
Accessing BCH remains a principal concern for many of its proponents, so much so that they threatened to sue Coinbase for refusing to support it. Low hash power and difficulty estimating its intrinsic value have also stunted BCH’s growth.
However, the news isn’t entirely negative. Bitcoin cash is the third most popular cryptocurrency by market cap, and was recently integrated into company wallets by Bitcoin.com. This suggests that the newly forked coin is slowly being integrated across the blockchain spectrum.
Bitcoin cash has has also been added to Bitcoin IRA, a Los Angeles-based company that allows Americans to access cryptocurrency in an IRS-approved retirement account. Bitcoin IRA also announced it will be supporting Ethereum Classic and Litecoin alongside existing support for Bitcoin, Ethereum and XRP.