Bitcoin Cash Drops 8% Over The Past 24 Hours
Bitcoin Cash Drops – The price of Bitcoin Cash (BCH) has dropped by more than 8 percent over the last 24 hours for the first time since October 11.
For almost two weeks, BCH has maintained strong upward momentum towards the scheduled November 15 hard fork on the Bitcoin Cash network.
Since November 7th, Bitcoin Cash has recorded five sell candles on its daily price chart, dropping from $640 to below the $500 mark within a five-day span, by more than 22%.
During the weekend, the daily trading volume of the crypto market tends to dip as trading activity in both the public cryptocurrency exchange market and the over-the-counter (OTC) market gradually drops.
However, the volume of Bitcoin (BTC) still remains above the $4 billion and several major cryptocurrencies like Ethereum (ETH) have maintained decent daily volumes, with ETH at around $1.5 billion.
Bitcoin Cash which had an outstanding run throughout the past two weeks retraced from its recent rally triggered by the scheduled November 15 hard fork.
On November 12, Bitfinex, the fourth largest cryptocurrency exchange in the global market announced support for the Bitcoin Cash hard fork but stated that it will not thrown in support for any of the two sides until the hard fork is complete.
“Bitfinex will not advocate for or against any particular fork, and miners have full prerogative to commit their hashing power to whichever projects they choose. At the time of writing, we do not believe that there is sufficient consensus to identify a clear winner in the Bitcoin Cash hard fork.”
Coinbase and other leading exchanges have already announced support for the original roadmap of Bitcoin Cash.