Bitcoin Cash Price Drops by $900 as CoinMarketCap Excludes Bithumb’s Price


TheMerkle Bitcoin Cash Drop

Cryptocurrency enthusiasts are all too familiar with the concept of the roller coaster. The Bitcoin price has seen wild fluctuations, but eventually settles down without too much of a problem. The Bitcoin Cash price, on the other hand, has seen massive growth and is starting to pay the price. These past few hours have seen a drop of US$700 in the artificially inflated price of this altcoin.

Bitcoin Cash Price is Showing Signs of Weakness

A lot has been said about the Bitcoin Cash price over the past week. That is not entirely surprising, as this slightly modified version of Bitcoin has seen a pretty stellar price trend over the past few days. After rising from US$350 all the way to a new all-time high of over US$2,400, the major correction everyone knew was coming has finally begun. It may get very bloody in the coming hours, although the prior uptrend may resume as well, for all we know.

The Bitcoin Cash price is US$1,462.13 at the time of writing. While this is still a 53% increase compared to 24 hours ago, it is evident the major Bitcoin Cash price party is over as of right now. About an hour ago, this currency was worth US$1,000 more than it is now. It is evident that BCH’s inflated market capitalization and price would eventually result in people cashing out. It’s mainly the people advocating for this fork to succeed who are taking profits, packing their ball, and going home.

This sharp drop in price was bound to happen sooner or later. With the Bitcoin Cash price having been pumped as hard as it has, something had to give sooner or later. Despite high trading volume all week, it is evident the sellers are starting to outweigh the buyers. A top has been reached at just over 0.5 BTC, even though everyone knows that never represented the true Bitcoin Cash price. No one knows what this altcoin should be worth right now, but it’s certainly not US$2,400.

The US$10.15 billion in 24-hour trading volume has certainly helped the Bitcoin Cash price retain its high value these past few days. Even right now, it is still up by almost 400% compared to a week or so ago. That in itself is pretty amazing, especially for a cryptocurrency which still has everything to prove right now. There will be some interesting developments in this regard over the next 48 hours, to say the very least. 

Perhaps the most disconcerting aspect of all this is how Bithumb has generated around 40% of all trading volume for Bitcoin Cash during this entire pump. CoinMarketCap has decided not to use the Bithumb price for its weighted average anymore, although it is unclear why that is the case. Considering that the platform is still trading BCH at US$2,534 right now, it is evident something is amiss there. While everyone likes Bithumb, it is possible the exchange has run into some issues. We will keep an eye on this development over the coming hours and days to figure out what is going on exactly.

In the end, it seems the Bitcoin Cash price has had a good run, but all good things must come to an end. It is possible the Bitcoin Cash price will recover before the day is over, though, but without Bithumb leading the charge, that may not be as easy as one would assume. It will be very interesting to see what the future holds for BCH, as there are a lot of people paying attention to this particular market right now.