Bitcoin Cash had continued its decline even while other cryptocurrencies were holding their value or increasing. With a return to bearish market conditions, Bitcoin Cash accelerates its decline recording consecutive 2018 lows for the past four days.
This decline has resulted in Bitcoin Cash dropping in the cryptocurrency rankings. Bitcoin Cash ranked fourth in terms of total market cap for much of 2018, but Stellar Lumens overtook it for this spot last week. The stablecoin USDT overtook it today moving Bitcoin Cash down to 6th position. Its hard fork, Bitcoin Cash SV, also briefly overtook and the market cap for both cryptocurrencies are now valued around the same.
The 2018 low formed today was around $95. It has since recovered to around $100, but there is a strong possibility that the decline will continue as much of the cryptocurrency market looks to be taking a brief respite before continuing on its downward trajectory. The volume has been large showing that there has been the strength behind these downward moves.
The daily candle for Bitcoin Cash today is forming a Doji. A Doji is where the open is around the same point as the close and represents indecision from traders. A Doji has also been forming in market leader Bitcoin and the largest altcoin by market cap XRP. Traders are likely coming to terms with such low valuations and possibly reconsidering whether they are willing to accept such low valuations across the markets.
- Bitcoin Cash underperformed while the rest of the market was holding its value and performs even worse amid this return to bearish market conditions. Bitcoin Cash has recorded a new 2018 low for the past four days.
- Bitcoin Cash has again dropped in the rankings with USDT overtaking it. Bitcoin Cash SV briefly overtook it, and the valuation of the both is currently around the same mark.
- Today’s candle is a Doji showing indecision from traders, but the price is likely to continue its downward trajectory from here.
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|