Bitcoin Cash Takes a Dive as Cryptocurrency Market Struggles

Current Cryptocurrency Market Trend

On December 14, Bitcoin Cash (BCH) took the spotlight for all the wrong reasons by leading the charge on losses in the cryptocurrency market. Investors across the top 20 digital assets witnessed their portfolios take a hit as the value of many coins plummeted.

Bitcoin’s Tumultuous Times

Data from various price indices such as Cointelegraph and CoinMarketCap portrayed a dismal scene. Bitcoin (BTC) found itself down by roughly 3.5% within 24 hours, clinging precariously to the $3,300 mark. This represented nearly a 50% drop over the month—a staggering reality. Just last week, BTC managed to hover around the “bottom” of $3,220, but alas, it appears the support levels couldn’t hold for long.

Wary Investors and ETF Uncertainties

As if that wasn’t enough, worries surrounding the potential approval of a Bitcoin Exchange-Traded Fund (ETF) added more gloom to the situation. Investors are now biting their nails over when the ongoing bear market, stretching back to 2018, might finally see an end. Amidst this chaos, there are still optimists, like ratings agency Weiss, dubbing BTC as one of the “best buying opportunities” of the year. Now that’s some serious optimism!

Bitcoin Cash: The Days of Losses

BCH wasn’t done with the drama yet. It continued its unfortunate trend of heavy losses, dropping a hefty 13.3% in just one day. This decline brought BCH’s market cap below that of Ethereum (ETH) for the first time, triggering alarms among traders. The ongoing competition with rival Bitcoin SV (BSV), which has been known to trade inversely with BTC, made things even more complex. The two have been in a ‘hashrate war’ since their split in November, but this time, BCH drew the short straw.

The Ethereum Situation

Meanwhile, Ethereum felt the sting too. Updates regarding its highly-anticipated Constantinople hard fork, which is supposed to usher in new technology, failed to bolster its market performance. ETH/USD was floundering at around $86, which is its weakest point since May 2017. Despite the advancements, investors seemed unimpressed as losses of 1-9% swept through other major altcoins.

Looking Ahead

While the market displays this wave of turmoil, the big question looming overhead remains: what’s next for Bitcoin and the rest of the cryptocurrency brigade? For now, it seems that all eyes are on the next moves from Bitcoin and whether it can rise from its current lows.