Bitcoin Cash Slides to Three-Week Low Against the Dollar
Bitcoin Cash (BCH) has declined sharply against the dollar this week, putting it on track for a seven-day drop of more than 20%.
BCH Hits Three-Week Lows
The BCH/USD regressed toward three-week lows on Thursday, where it briefly fell below $350. The cryptocurrency is holding steady in the $355 region at press time.
Prices are down 21% compared to last week, putting BCH among the worst-performing digital assets. Bitcoin cash’s short lifespan has been marked by heavy volatility, as investors continue to struggle ascertaining its true worth.
BCH is down one spot on the global cryptocurrency asset chart. At $5.9 billion, Bitcoin Cash is now the world’s No. 4 digital currency by market capitalization. It has been overtaken by Ripple (XRP), which is currently valued at $9.1 billion. XRP is the only cryptocurrency among the ten largest market caps to post a seven-day price increase.
From a technical perspective, BCH is facing strong bearish pressure, having declined below a key support area near $380. The next support target is located around $320.
If one fork wasn’t enough, a new group of cryptocurrency upstarts is looking to create another form of digital money: Bitcoin Gold. The new version of the world’s No. 1 digital currency is expected to hit the market Oct. 25.
Gold’s backers want to democratize the blockchain’s infrastructure by taking it out of the proxy of large firms. The Bitcoin Gold website literally provides no clues about what the new infrastructure will look like. They have a direct link to their Slack account, which could provide more answers.
Bitcoin Gold differs from the upcoming November fork – Segwit2x – because that version addresses issues related to BTC network traffic. The Gold version, on the other hand, is looking to bring more small-scale players into the market. It remains to be seen whether Bitcoin Gold has staying power, or whether it’s an angry response against mining giants. Industry sources say China-based Bitmain is the main focal point of Gold’s uprising.