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For the primary time since June, Bitcoin’s price slipped below the $30k level on Tuesday. This dip managed to stir chaos within the market. However, the king coin was quick to recover and was trading slightly below $32k, at press time, due to the hype related to the B Word conference. to place it within the words of adjusting Zhao of Binance, “The market likes to play with our emotions.”
Bitcoin’s 6.2% hike over the last 24 hours was well reflected within the one-day RoI of most alts. In fact, at the time of writing, 95 out of the highest 100 coins were trading within the green, due to Bitcoin.
Bitcoin Cash’s story looked no different. The twelfth-largest crypto witnessed a 7% pump over the identical fundamental measure and was trading at $421.82. What’s more, over the past week, the alt’s correlation to Bitcoin further intensified. Notably, at the time of writing, the identical shared a price of 0.96. This makes it quite evident that BCH’s price movement is, by and huge, tied to the king coin.
Bitcoin Cash’s mean coin age has steeply risen over the past few weeks. Notably, this metric exhibits the common number of days that every one BCH tokens have stayed in their current addresses. this grade signals a network-wide accumulation trend.
Arguably, BCH has been mirroring Bitcoin’s accumulation trend. In fact, at press time, BCH’s mean coin age stood at 1197.74 while the identical for BTC reflected a congruent value of 1181.48.
Owing to the not-so-volatile price environment of Bitcoin, the quantity of traders related to it's nearly halved itself over the past few months. To quantify, the quantity of active traders that stood at 5 million in March had fallen to merely 2.9 million at press time.
However, as far as BCH is anxious, the quantity of active traders has consistently been rising over the past few months (depicted within the chart above). In March, for example, the network had merely 365k traders while the identical for this month stood at 818k.
Additionally, Santiment’s chart discovered that the quantity of active addresses on BCH’s network has been registering noteworthy spikes every other day, while the identical for BTC has been dwindling. Now, while BTC’s 360k active addresses are nowhere near BCH’s 60k, the latter’s recent advancements can't be disregarded.
Well, BCH’s price perceived to be vaguely overvalued at the time of writing. The MVRV ratio on 20 July reflected a worth of -0.001% (indicative of a close-to-fair price) while the identical, at the time of writing, stood slightly above the zero line – at 5%. This minute uptick suggested that investors are making slightly extra money than usual within the BCH market.
Bitcoin too, at the time of writing, gave the impression to be overvalued and its MVRV ratio stood at around 70%.
Even though BCH’s metrics don't seem to be very pleasing at the instant, it should be noted that the alt’s close above $387 yesterday, to a good extent, eliminated the chances of its retracement to $370 and that’s definitely an honest sign. However, if Bitcoin’s price finishes up succumbing again within the next few days, BCH would definitely be one amongst the worst affected alts.