Bitcoin Cash BCH Still Dropping Weeks After Hostile Hard Fork

It has been over 2 weeks since Bitcoin Cash underwent a hard fork, one that led to one of the worst sell-offs of the year, and unfortunately, the effects are still being felt. For Bitcoin Cash, the event not only led to the birth of Bitcoin SV, but it also saw Bitcoin Cash drop in valuation and hit a new year low.

With speculation that the hard fork was the primary reason that the market saw a dramatic turn for the worse, Bitcoin Cash became one of the worst losers since. The two weeks have also not only seen the coin drop in price but also in ranking.

During the drop, Bitcoin Cash BCH was overtaken by Stellar XLM and is now ranked fifth by market capitalization.

BCH(BCHABC)/USD Price Chart, Monday December 3rd:

Bitcoin Cash BCH ABC Price Chart, December 3rd

Today- Dec 03, has seen a flesh beating from the bears. Major coins have again slipped, dropping below their short-term support positions. Bitcoin, the crypto leader is at the time of press below $4,000, marking a 7% drop. Ethereum is again below the $110 mark and Ripple is fighting hard to stay above $0.35. The slip up has seen the market again drop below $130 billion in market capitalization. Although the market began the month fairly impressively, it seems the road won’t be as smooth as the bulls might like.

Bitcoin Cash is back below $160 an unthinkable position for a coin that was trading for over $4,000 towards the end of last year. It is also less than half of what it was valued at the beginning of November. Today’s drop marks a 7% drop in the last 24 hours.

For the past two weeks, Bitcoin Cash BCH has been unable to break the $180 resistance level. This is one of the more crucial key levels for the coin with trades below it causing panic with holders. At the time of press, there is almost no reason why holders shouldn’t panic.

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