In the confusing world of Cryptocurrency markets, it is no surprise to find successful cryptocurrencies taking the tumble. Such is the case for Bitcoin Cash, a major Cryptocurrency that has taken almost a 10% dip in its value over the past week. This comes as a surprise to many, as Bitcoin Cash got featured on a news segment on CNBC recently, which was expected to improve Bitcoin Cash’s position.
Currently, Bitcoin Cash is placed in rank 4, according to coin market cap, with a market cap of $17,850,964,631 USD at the time of writing with a circulating supply of 17143125 BCH tokens. Currently, Bitcoin Cash has declined further with a major bearish trend line forming with resistance at $1.160 (taken from the data feed of Kraken). As of 23/05/2018, Bitcoin Cash is valued at $1.040.10 following two massive dips from a high of $1,301.55 on 21st May to $1,233.70 USD on May 22nd. As mentioned before, this comes as a surprise to many, as the global cryptocurrency market fared much better comparatively, losing only 5.7% of its value compared to Bitcoin Cash’s 10%. Analysts are still not convinced about the exact factors responsible for this.
Bitcoin Cash in the News Last Week
Many High profile Crypto-personalities have shown their distrust towards Bitcoin Cash following its erratic behavior. Co-founder and CEO of CryptoCompare, Charles Hayter has called it “all standard noise”, while Jeff Koyen, CEO of 360 Blockchain USA called it one of the most controversial coins in the crypto space, second to Ripple. Marshal Swatt of Swatt Exchange, however, has predicted that the decline of Bitcoin Cash may be attributed to the recent Bitcoin Cash miners meet, where a proposal for rewarding developers have been discussed. Many other market influencers have also been discouraging traders and adding to the negative sentiment around the coin, which caused even further decline.
CNBC’s Bitcoin Cash Feature
On 22nd May, cryptocurrencies were once again featured on CNBC’s Fast Money, with Bitcoin Cash being the focus this week. Brian Kelly, founder and CEO of BKCM LLC was asked to give a detailed analysis of why he has a bullish stance on Bitcoin Cash. Kelly described to his audiences what he called “catalyst factors” which are the main driving force behind a digital asset. Among the factors he mentioned was the aforementioned mining community meet, citing that this latest development would a value booster. In an unexpected turn of events, however, the segment generated a lot of negative sentiment inside the crypto-community, with many accusing CNBC of “shilling” the currency and suspected collaboration. Many analysts think that the negative backlash from this segment further negatively affected Bitcoin Cash’s value over the weekend.
Like with most cryptocurrencies, nothing can be predicted with certainty about future price movements. As Mr. Kelly put it, it all boils down to how the market behaves. Indeed past trends have indicated a similar fate for Bitcoin Cash. Experts noted that the situation is very similar to the incredible highs experienced by most cryptocurrencies in late 2017, followed by a massive price slump at the beginning of the year.
In spite of the hurdles faced by Bitcoin Cash at the moment, it is to be noted that Bitcoin Cash has succeeded in the past where many other digital currencies failed. Bitcoin Cash is probably one of the handful of Bitcoin forks that have gained widespread attention and usage. This can be evidenced by Bitcoin Cash’s performance since its launch back in August 2017. According to coin market cap, Bitcoin Cash has held its position in the top ten cryptocurrencies despite price slumps and market movements. Thus, even though situations look bleak presently, the coin is expected to once again rise in value and regain some of its former glory.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of SouthernWI via Flickr
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
Crypto Venture UpStake is Redefining the Industry with a Proof-of-Burn Stable Coin
How Online Casinos Can Adapt to the Growth of Cryptocurrency
Reasons Why 2019 May Be A Great Year For Crypto
Altcoins2 weeks ago
TRON (TRX) Expectations for 2019
Blogs2 weeks ago
Will 2019 be the Year of XRP?
Bitcoin2 weeks ago
What Will Happen First: BTC 2k or 5k?
Don't Miss1 week ago
Wirex adds WAVES to its Platform
Bitcoin1 week ago
Bitcoin Grows Beyond $4,000
Blogs3 days ago
3 Cryptos To Blow Up In The Next Bull Run
Altcoins1 week ago
TRX vs ADA: TRX Overtook ADA for 8th Place
Altcoins1 week ago
TRON (TRX) Surges by 20%