Bitcoin Cash (BCH) holders have no reason to celebrate, despite the 46% year-to-date gains in U.S. dollar terms. One year ago, the altcoin was the third-largest by market capitalization. It now risks dropping out of the top 10, having been surpassed by other cryptocurrencies including Litecoin (LTC) and Chainlink’s LINK.
BCH/BTC. Source: TradingView
After three years of continuous devaluation, BCH finally traded below 0.01 Bitcoin (BTC) on Feb. 22. Besides being psychological support, it marks a 96.5% devaluation from its highest close of 0.285 BTC on Aug. 2, 2017.
Even though both cryptocurrencies’ combined hash rate was somewhat comparable at the time, it has since become a one-sided battle, with BTC’s hash rate dominance now over 98% versus BCH and Bitcoin SV (BSV) combined.
Bitcoin Cash and Bitcoin hash rate. Source: Coin Metrics
As depicted above, the BCH hash rate currently stands at 1% of BTC’s 150 exahashes perTitle: Bitcoin Cash is on the brink of falling below 1% of Bitcoin’s price
Sourced From: cointelegraph.com/news/bitcoin-cash-is-on-the-brink-of-falling-below-1-of-bitcoin-s-price
Published Date: Thu, 25 Feb 2021 14:30:00 +0000