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XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Bitcoin Cash News - Bitcoin Cash Records Double-Digit Drop in the Last 24 Hours

  • Alex Morris
    📰 News

    After the split in the Bitcoin Cash community, BCH constantly appears among the lowest-performing coins on the market

Bitcoin Cash Records Double-Digit Drop in the Last 24 Hours
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Bitcoin Cash (BCH), the offspring of the world’s biggest cryptocurrency, has become the worst performing altcoin inside the top 10. According to the data provided by CoinMarketCap, BCH dropped by a whopping 12.59 percent over the last 24 hours.

Dipping below the $90 mark

While the cryptocurrency market remains uber-bearish, Bitcoin Cash outperforms all other major cryptocurrencies in that department. In fact, this is the third biggest drop among the top 100 coins only after DEX (38.07 percent) and MobileGo (14.97 percent). At press time, the BCH price is at $84.40.

In the last seven days, the coin lost 17.8 percent. Overall, Bitcoin Cash has shed more than 98 percent of its ATH.    

Everyone lost

Still, for anyone who has been keeping their fingers on the pulse of the cryptocurrency industry, yet another big loss is not something out of the blue as far as Bitcoin Cash is concerned. The infamous hard fork, which took place on Nov. 15, remains the main catalyst behind the BCH price going downhill. Notably, Bitcoin SV is the second worst performing top 10 altcoin with a 9.72%. Obviously, both camps are now suffering consequences after the split.   

👉MUST READ Crypto Market in Green, BCH SV So Far Losing Against BCH ABC

Feeling the pressure of market bears

In all fairness, Bitcoin Cash was not the only altcoin on the block that suffered a decline. Bitcoin, for instance, has recently reached its brand-new yearly low (at the time of writing this article, the flagship currency is sitting at $3,318).

Waves (WAVES), on the other hand, remained one of the few major altcoins that stayed out of the bloodbath – the coin has seen a 15.4 percent increase, which makes it the best performing coin inside the top 100.

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Bitcoin Cash News - This Is Why Bitcoin Price Will Surge Higher This Year

  • Thomas Hughes
    📈 Price Predictions

    💸✅Cryptocurrency traders, investors, and HODLer’s will be happy to learn that Bitcoin will surge higher this year📈

This Is Why Bitcoin Price Will Surge Higher This Year
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Cryptocurrency traders, investors, and HODLer’s will be happy to learn that Bitcoin will surge higher this year. The world’s reserve cryptocurrency and the leading digital token has been undergoing a period of recuperation that will soon be complete.

👉MUST READ Bitcoin to Hit $5,000 by May 2019, Analysts Predict, Despite Trading Volumes Faked by Exchanges

Last year, uncertain regulation, the so-called Fork Wars, and lack of awareness all played a role in the sharp sell-off and bear-market that has lingered into the current year. Now, many of the issues weighing on the market are disappearing or about to disappear and that is setting up conditions for a massive bull market.

BTC Price Prediction chart by TradingView

BTC/USD chart by TradingView

Fundstrat’s Tom Lee, one of the most prominent and outspoken BTC bulls, says macroeconomic trends are going to underpin the rally he thinks will start before the end of the year. He cites last year’s surging dollar and global market uncertainty as headwinds now gone. In his view, the technical picture is promising but it is the fundamental story that will drive value long-term.

The most important factor for Bitcoins value for Lee is the fact that it, and blockchain, are becoming useful. Banks like JP Morgan, Mizuho Bank, and Santander are all using blockchain while non-financials like Facebook and sovereign nations like Venezuela are also flocking to the technology. This is causing a shift of awareness that will spill into the retail sector and that in turn will further increase BTCs utility and emergence as a stand-alone asset class.

👉MUST READ Could Bitcoin Come Crashing Down? — The Mystery of Satoshi’s Kill Switch

Ironically, Lee says global turmoil is helping Bitcoin’s adoption. Venezuela is only one example where uncertain economic times, skyrocketing inflation, and mismanaged government are pushing people to the blockchain. Bottom line, Bitcoin is going to move higher, a retest of the all-time high (in my opinion) is all but certain.

The Six-Month Bitcoin Forecast You Need to Know Now

Bitcoin has been wallowing near long-term lows for several months now. In recent weeks the coin has begun showing bullish activity that is the first signs of movement in what will become a massive bull market. The near-term outlook is not quite as rosy, the token may continue to move sideways inside its range until one of a few things happens.

BTC/USD chart by TradingView

BTC/USD chart by TradingView

The first possibility is the U.S. government will finally adopt cryptocurrency regulation and/or allow the listing of a BTC based ETF. The next thing that may happen is an advancement in blockchain technology that may include but is not limited to enhancing BTC’s transaction speed and the much-needed and long-awaited upgrade of the Ethereum network; either could spark a massive rally in the entire market.

The final scenario, and possibly more likely, is that the market will slowly return to BTC. Investor confidence was sorely shaken last year, it is taking time for it to heal. Eventually, the market will build to a boiling point and spark a rebound in prices.

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