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In the midst of a brutal market sell-off, Bitcoin Cash (BCH) is performing particularly poorly. The cryptocurrency has lost more than 24% of its value in the last 24 hours, falling to its current price of $219.67.
In the past five days, Bitcoin Cash has seen more than $1.5 billion wiped from its market capitalization, and lost its place as the fourth largest cryptocurrency, after being overtaken by Tether (USDT). With a current market cap of $3.96 billion, Bitcoin Cash is now just 10% larger than Litecoin (LTC).
Bitcoin Cash has been on a slow and steady decline since June, falling from its 2019 peak of almost $510 down to its current value. BCH is now at its lowest value since early April—worrying signs for Bitcoin Cash believers.
Although Bitcoin Cash has clearly been struggling to maintain its value after an impressive start to the year, the cryptocurrency has developed its fundamentals in other areas.
For one, the Bitcoin Cash hash rate is currently 41% higher than it was at the start of the year. This makes the network more resistant to attacks and ensures transactions are processed quickly. Similarly, Bitcoin Cash has also seen its trade volume multiply by a factor of five since January, with both buy and sell volume growing significantly.
Many analysts would agree that fundamentals matter more than short-term price movements. However, having been in decline for the past three months, it's getting harder and harder to ignore.