What is your sentiment on BCH/USD?
Bitcoin cash was not immune to the great crypto day crash on 19 May and fell by more than half, from an intraday high of $1,110.53 to a low of $507.73. While it recovered to close the day at $706.80, and went up the next day to close at $821.60, the damage was done. The coin ended May at $703.88, down by nearly 30% from the previous month.
June saw another significant monthly fall, this time of just over 25% to $526.30, though July’s closing price was up slightly at $547.80. This led to some revised bitcoin cash predictions, and August was another positive month. There was a monthly high of $713.67 on 16 August and it finished the month at $636.77, up 16% from the end of July.
September saw bearish forces take control and it ended down 21% to $502.50 as the month came to an end. October was a bit more positive and, on the afternoon of 29 October, BCH stood at about $581, eventually closing at $596.24. On 9 November the coin reached $716.32, but over the course of the month it followed a downward trend, and by 2 December 2021, it hit an intraday low of $559.82.
The winter period was a difficult time for cryptocurrencies overall, and bitcoin (BTC) fell by 25% over the course of January. BCH also struggled over the bearish period, and by 10 January 2022, the coin was valued at $357.32.
The coin continued its downward trajectory to lows of $262.65 on 24 January, its lowest in well over a year. The coin looked as if it would be hovering around the $300 mark for some time, until Russia’s invasion of Ukraine on 24 February prompted a fall to $261.34.
There was some recovery from this, but by the middle of March it was back below $300. That was until a market upswing late in the month pushed the price up, and on the afternoon of 31 March it was trading at $384.04.
However, April was a difficult period for crypto yet again, as fears of another crypto winter loomed large over the volatile market. New regulation continued to pose threats to Bitcoin, including a ban on proof-of-work crypto mining operations in New York. Worse news was to come as a market-wide crash caused the crypto to plummet, hitting a low of $160.07 on 12 May. More positive price movement came, however, and as of 1 June, the token is currently trading at around $196.22, moving roughly in line with broader crypto market activity.
At that time, there were approximately 19.08 million BCH in circulation, representing the total supply. There is a current max supply of 21 million, so 91% are in circulation. The coin had a market cap of almost $3.7bn, making it the 24th largest crypto by that metric.
