As was to be expected sooner or later, the Bitcoin Cash price is going through a massive correction right now. More specifically, while the Bitcoin price is surging again, people are ditching BCH as quickly as possible. With a 21.33% drop over the past 24 hours, the Bitcoin Cash price is struggling to remain above $1,000. It is evident this situation may become unmanageable pretty quickly unless something changes.
BITCOIN CASH PRICE CORRECTION IS NASTY
While a lot of people held out idle hope the Bitcoin Cash price would return to $2,800 this week, that seems increasingly unlikely right now. In fact, it may prove to be virtually impossible to maintain a Bitcoin Cash price of over $1,000 for much longer. Right now, one BCH is still worth $1,020, but the bearish momentum is only intensifying as more time progresses. This momentum isn’t entirely unexpected whatsoever, though, as last week’s pump-and-dump cycle had to come to an end sooner or later.
More specifically, we have seen major Bitcoin Cash price volatility over the past seven days. We started out at a price of $623.44 a week ago and quickly rose to over $2,500 in the next few days. At one point, one BCH was valued at over half a Bitcoin while the world’s leading cryptocurrency was effectively struggling. Some people claimed Bitcoin Cash would become the new Bitcoin, but that idyllic thought never came true, for obvious reasons.
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