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Bitcoin Cash (BCH) has once again fallen below the $300 mark—falling from $306 down to its current value of just under $290—in the last 24 hours. The price of Bitcoin Cash has been struggling to gain momentum recently, and has recorded back-to-back daily losses for almost a week now.
The $300 mark has proven to be a crucial price point for Bitcoin Cash, with the cryptocurrency struggling to stay above it since July.
Bitcoin Cash has been on the decline since as early as December 2017, having lost well over 90% of its value since then. After reaching a 2019 peak value of $480 in June, Bitcoin Cash continued its long-term decline, falling by almost 40% to reach its current value.
But while things are not looking good for Bitcoin Cash, they're not looking good across the board. In the last day, more than $8 billion has been wiped off the total market cap of all cryptocurrencies, with other altcoins like Litecoin and Ethereum deep in the red.
Although Bitcoin Cash has seen its value decline throughout much of 2019, the cryptocurrency is still slightly more profitable to mine than Bitcoin (BTC). Because of this arbitrage opportunity, the mining power used to secure the network in return for Bitcoin Cash rewards has been gradually increasing since July, showing there is still respectable support for the Bitcoin offshoot. In fact, its current hashrate of 2.48EH/s is inching towards its 2019-high of 2.74EH/s, achieved back in April. But will it command a return in its prices? It's not looking likely.