Bitcoin is currently under pressure, while Bitcoin Gold and Bitcoin Cash hope to get rid of the big brother’s shadow.
On Wednesday morning Bitcoin appeared in the news once again because of it’s tumbling to low of $15.800 and even lower. Sure, 5.42% fall to $16.740 might not sound too much, while the crypto currencies move up and down daily. However, such a sinister decline to lower than $16.000 levels could be a disturbing message of something much worse to come.
That crypto currency has surely been pretty volatile recently with all the price fluctuations and long-run sideways movements.
The Bitcoin trend of declining is caused by numerous factors. There were lots of gossips among crypto currency community members and leading players refusing Bitcoin in favor of Bitcoin Cash. The reasons for such changes are connected with Bitcoin’s blockchain technology, such as stability and transaction speeds.
Lots of us had hoped that the Cboe and CME exchanges Bitcoin futureslaunch would boost a rally to over $20.000, but here we have a totally opposite situation. Bad press has led to Bitcoin futures contracts for January, February and March expiry all going down: March CME contract is down $1.415 Wednesday morning to $17.000 and January’s one is not much better, down $885 to $17.300 at the moment.
Some people might feel comfortable with the fact that the values of the contract remain above the current Bitcoin price. However,the fact that the currency bears start to influence significantly is a very sinister sign for Bitcoin, as well as for the investors who take cues from the market of futures.
January’s contract reached its intraday low of $15.9835 before recovering to $17.300 on the CME Bitcoin Futures Exchange.
Is This the Beginning of the End for Bitcoin?
It is too early to draw conclusions actually. However, the volatility at the top end is a cautious sign and there is a risk of a greater fall rising by the hour. The investors should think about holding on to Bitcoin, especially when there are alternatives.
Bitcoin Cash starts to hit the headlines. Such large crypto market’s exchanges, as Coinbase, have started to offer Bitcoin Cash on exchanges recently, the volumes are increasing. The price of Bitcoin Cash has increased too from $3.325 to $3.676.
Bitcoin Gold has also risen by 19.19% to $377.73 at the moment. The next few days are surely going to be interesting and intriguing. The last quoted price of the Bitcoin Cash on the Coinbase exchange had hit $9.500, what is much higher than previous $6.000.
The Bitcoin Cash supposes a long way to go, while the businesses should recognize it as an alternative system. Miners need to verify transactions, so the hashrates will also need to be on the rise.
If Bitcoin Cash keeps taking markets and its network remains more stable and the transaction speeds are faster, it’s possible to assume both of these might happen.