Bitcoin Cash’s Disappointing Journey
As of November 10, Bitcoin Cash (BCH) has plunged to a record low when measured against Bitcoin (BTC), trading at a mere 0.017 BTC. This is a significant drop from its previous low of 0.0245 BTC back in December 2018. BCH seems to be stuck in a downward spiral, losing traction in the cryptocurrency market while all eyes remain glued to Bitcoin’s meteoric rise.
Failures and Forks
Despite Bitcoin Cash being a hard fork of Bitcoin, it has not captured the attention of investors this year. Instead, the spotlight has shifted to Bitcoin and the new phenomenon of decentralized finance (DeFi). The impending hard fork of the BCH network, scheduled for November 15, hasn’t inspired confidence either. As one Twitter user sarcastically remarked, “Hopefully this election drama will clear up before the next scheduled shitcoin drama.” Ouch!
Meandering Prices
In USD, Bitcoin Cash has been trapped in a tight range between $230 and $280 over the past three months, while Bitcoin’s price has soared by nearly a third. This stagnant performance is making both investors and critics shake their heads.
Litecoin’s Misery Loves Company
Bitcoin Cash isn’t alone in its misery; Litecoin (LTC) is also feeling the heat. On the same date, it traded at 0.0038 BTC, inching ever closer to its historic low of 0.003 BTC from March 2017. Talk about a rough patch!
Lowest Close in History
This month marked a particularly grim milestone for Litecoin, as it closed at its lowest weekly level on record. If that doesn’t make the bulls cringe, I’m not sure what will!
Changing Sentiments and Responses
The lack of a positive performance for both BCH and LTC since PayPal announced its support for them alongside Bitcoin in 2021 adds insult to injury. Investors who have stuck by these altcoins might be having second thoughts as Bitcoin continues to dominate the narrative.
Community Reactions
Among the broader cryptocurrency community, reactions to Bitcoin Cash’s upcoming hard fork have been mixed at best. While supporters hope for new opportunities, skeptics view it as a mere continuation of a slippery slope. The ongoing debate seems less about the coins themselves and more about the personalities leading the charge.
What’s Next?
The future for Bitcoin Cash and Litecoin looks uncertain as they both struggle to find their place in a market increasingly driven by Bitcoin’s momentum. With upcoming events and developments, only time will tell if these altcoins can rebound or if they will continue to fade into obscurity.
