Bitcoin price can be said to be in a stable state and hovering at $2750 levels for the last couple of days now, but from a high of $550 yesterday, Bitcoin Cash price has fallen by nearly 40 per cent and at the time of this writing it is trading at $423.
Just yesterday the combined value of the two siblings was at an all-time high of $3511, but that didn’t last long with Bitcoin Cash price falling substantially wiping off a third of its value in a matter of hours. The cryptocurrency duo will likely see price volatility over the course of next few days if not weeks as things settle down and traders moving away from speculative trades.
The fall in Bitcoin price doesn’t seem to be rooted in any news because there have been some positive developments for the new cryptocurrency. Bitstamp has said it will distribute BCH to its users and Coinbase too has indicated it is looking at new cryptocurrency assets in general and Bitcoin Cash in general.
Further, the mining difficulty for Bitcoin Cash has been reduced as well and it is currently operating at 26 per cent of the main chain’s mining difficulty – a first of its kind development in the cryptocurrency world. We will dwell deeper into this news in a short while from now, but the development is positive for Bitcoin Cash as it will help people with old hardware participate in mining thereby bringing more miners to the table. This is also a positive development for BCH and still there has been a massive decline in Bitcoin Cash price.
Let us know in the comments section on what you think is the reason behind the latest fall in Bitcoin Cash Price.