Most cryptocurrencies, from Bitcoin to XRP, haven’t fared too well since the highs of the last bull market. Even BTC, which is arguably more bullish than ever fundamentally, is down by over 50% from its all-time high.
Bitcoin Cash, however, has done especially poorly, with it only recently getting worse.Bitcoin Cash Hits Fresh Low Against BTC
There was a time when a single BCH was worth in excess of 0.3 BTC. That’s to say, a handful of the former could have bought you one of the latter. Yet those days are long gone.
As noted by Zack Voell, a CoinDesk markets reporter, Bitcoin Cash just hit an all-time low against BTC. One of the cryptocurrency is now worth approximately 0.024 BTC, around 50% of 2020’s highs and around 33% 2019’s highs.
Bearish Bitcoin Cash/BTC chart from CoinDesk’s Zack Voell (@Zackvoell on Twitter). Chart from TradingView.com
BCH’s weakness comes after a strong performance at the start of the year. Back then, the crypto was benefiting from speculation and developments around his claim to the Satoshi title.
Yet after Bitcoin Cash had a block reward halving a month prior to BTC’s, a steep decline followed.
BCH’s underperformance was seemingly a byproduct of a classic “buy the rumor, sell the news” cycle in an asset. Also, as reported by Bitcoinist previously, the network became fundamentally insecure after the halving.
Yassine Elmandjra, a cryptoasset analyst at ARK Invest, wrote on the matter late last month:“Bitcoin Cash is not looking healthy: -Hashrate down 30% since halving (& only accounts for ~2% of SHA256 hash) -Economic throughput at all time lows -Fees are .05% of miner rev (<$100/day) -Theoretical 51% attack costs <$10k/hr. Surprised we haven’t seen a large scale attack yet.”
Unfortunately for BCH holders, not many expect the asset’s prospects to get any better.Prospects Only Getting Worse
Simon Dedic, the co-founder of crypto research firm...