Bitcoin’s controversial hard fork now buys less BTC than ever before as one analyst warns that buyer support has disintegrated.
Altcoin Bitcoin Cash (BCH) is plumbing new lows against Bitcoin (BTC) after crashing through fresh support.
Data from price tickers including Cointelegraph Markets and CoinMarketCap confirm that BCH/BTC is now at its worst levels in Bitcoin Cash’s three-year history.
BCH/BTC in “downward price discovery”
At press time, 1 BCH bought just 0.022 BTC, 92.2% less than at its peak of 0.285 BTC in December 2017.
BCH launched as an off-shoot from BTC in August the same year, at the time enjoying support from various industry figures and businesses. This subsequently began to wane as the altcoin’s popularity failed to compete with Bitcoin’s, leaving a dedicated but vocal group of supporters as its main users.
A subsequent hard fork saw the emergence of Bitcoin SV (BSV) in 2018, accompanied by high-profile infighting characterized by spats between BCH proponent Roger Ver and media mogul Calvin Ayre.
BCH began its most recent downward spiral against BTC in February 2020, after hitting year-to-date highs of 0.44 BTC.
For entrepreneur and commentator Alistair Milne, the outlook for the pair looked bleak, with no discernable buy levels left intact.
“Bcash vs. Bitcoin now in downward price discovery,” he pointed out on Saturday. “No support levels left having hit new ATL's last week.”