The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization.
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Fork Drives New All-Time Price Lows for BCH
In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork.
In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off.
When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC.
Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion.
BTC Consolidates Below $6,000
Looking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at
