Most markets closed to facilitate last weeks contentious hard fork in Bitcoin Cash. While some major markets such as Coinbae remain closed, others have reopened and trade sharply lower. The price on CoinMarketCap which compiles price data from numerous exchanges is currently $235.
Bitcoin Cash is currently ranked fourth in terms of the total market cap but this adjustment to reflect lower prices brings it close to the market cap of Stellar ranked fifth regarding the market cap. If the price of Bitcoin Cash continues its downward trajectory, it could be overtaken.
The market for Bitcoin Cash on Kraken remained open throughout the fork and shows sharp decreases taking place both this week and last week. Both the RSI and MACD are moving to the downside representative of the strong seller momentum.
The forked Bitcoin Cash SV currently trades around $57.
Recent trading as seen on the Bitcoin Cash hourly chart shows price starting to increase over the past few candles. However, anytime this has occurred over the past week some sharp decreases have followed it.
The price is still finding its value post-fork, but with the bearish movements also occurring across the cryptocurrency market, it has given rise to a volatile environment. At the moment, what is clear is that support for Bitcoin Cash ABC is far above support for Bitcoin Cash SV and also that seller momentum is still strong across the market.
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John Lee Quigley's background is as a trader in derivatives and equities. When John first came across cryptocurrencies, he was instantly intrigued and viewed the high levels of volatility that scare away most traders as a market that provides great opportunities. Since 2018, John has been focussing on cryptocurrencies and blockchain full-time and has co-built the Crypto Bay community in Lisbon, Portugal. John specializes in technical analysis and fundamental analysis of cryptocurrencies and crypto-related projects.
11/20/2018 / 15:19:38 Source: blokt