28 May 2018 Pavel Petrov
Bitcoin Cash Declines Despite CNBC Feature
Similarly to all traditional currencies, the coin world also suffers from unexpected tumbles until a solid foundation is established.
Sudden surges and rises are clearly seen at the 4th ranked cryptocurrency in the world - Bitcoin Cash – in the last week a 10% drop shook the Bitcoin Cash's market and affected some crypto investors.
Currently priced at $17,850,964,631 USD in market capitalization, and with 17143125 BCH tokens in circulation to date, Bitcoin Cash performed a bit less than the global cryptocurrency market trend of a 5.7 % dip.
Bitcoin Cash surprised all cryptoanalysts, surging down from a high of $1,301.55 on 21st of May to a $1,040.10 average in the last two days.
Charles Hayter, co-founder and CEO of CryptoCompare, described the situation as “a standard noise, a slight deviation of statistics.”
Furthermore, he believes that a rise in Bitcoin Cash’s price will be a tough endeavor, but it’s not impossible at all, as the cryptomarket is following its own trend, independent from CFD’s and stocks.
Jeff Koyen, President of 360 Blockchain USA, also doubts the strength of the one-year-old cryptocurrency, calling it “one of the most controversial coins in the crypto space, second to Ripple.”
A rather strange phenomenon could be the reason for the sudden decline in Bitcoin Cash’s value - Bitcoin Cash miners meeting. The most plausible cause of the drop, however, is that the coin’s market share isn’t strong enough to hold against rumor and trader discouragement from influencers.
Brian Kelly, founder and CEO of BKCM LLC, provided deep insights of Bitcoin Cash’s behavior in the last month at his appearance on CNBC’s business talk-show "Fast Money".
Brian presented the main factors behind the formation and the lifespan of a digital currency, called 'catalyst factors', including the mentioned above mining meet, the overall volatility over the week and the latest mining developments.
Analysts have accused the CNBC of “shilling” the currency, which combined with the overall trend in such a dynamic cryptomarket could lead to further adverse effects on Bitcoin Cash’s value.
Similarly to most digital assets, there is a level of uncertainty about Bitcoin Cash’s price fluctuations, volatility, and speculation, forming the overall price movement. After all, market behavior and reaction to external forces are particularly important. Examining the past price rises and falls, it can be stated that the drop is temporary, reminding about the massive surge in cryptocurrency prices in early 2018, which came after the particularly strong and high end of 2017.
Despite the current difficult situation that Bitcoin Cash is experiencing, the currency shows strength in circumstances when other giants have failed. Bitcoin Cash has become widely accepted, used and recognized. This is also visible by numbers – Bitcoin Cash’s results are rapidly increasing since it’s debut in August 2017, holding the runner-up position, just under the top 3 spots in the cryptocurrency world.
Bitcoin Cash
