Altcoin Bitcoin Cash (BCH) faced fresh falls against Bitcoin (BTC) after the crash due to new support.
Data from price tags, including Cointelegraph Markets and CoinMarketCap, confirms that BCH / BTC is now at its worst level in Bitcoin Cash’s three-year history.
BCH / BTC at “opening bearish price”
At the time of publication, 1 BCH only bought 0.022 BTC, which is 92.2% below the peak value of 0.285 BTC in December 2017.
The Biosafety Clearing-House was launched as a branch of Bitcoin in August of that year, with the support of various personalities and companies in the industry. Then it began to wane after the altcoins’ popularity failed to compete with Bitcoin, leaving a loyal and energetic group of supporters as the primary users.
Subsequent hard forks led to the emergence of Bitcoin SV (BSV) in 2018, accompanied by high-profile conflicts that marked a brawl between BCH spokesperson Roger Ver and media mogul Calvin Ayer.
BCH started its last decline against BTC in February 2020, after hitting daily highs of 0.44 BTC.
For businessman and commentator Alistair Millen, the outlook for the couple was bleak and there were no noticeable buying levels that remained flat.
On Saturday he noted that “Bcash versus Bitcoin is now valuable”. “After arriving at the new ATLs last week, there are no longer support levels left.”
Tim Draper: BCH promo removed after “I did some additional research”
Meanwhile, Bitcoin is still engaging in the battle for market dominance with the growing alternative currency scene. Thanks to the success of the DeFi movement, BTC now accounts for 55.8% of the total cryptocurrency market cap – the lowest level since April 2019.
However, despite the fluctuations in market presence, Bitcoin’s opinions on the hard forks were always the same, so BCH and BSV were neglected.
CoinStats CEO Narik Gevorkian, a cryptocurrency wallet coach, summed up: “Honestly, it looks like a big bubble.”
He added that it remains a mystery how BCH remains one of the ten largest cryptocurrencies by market value.
He wrote, “Nobody actually cares about bcash, but it is still in the top ten.”
The Biosafety Clearing-House failed to capitalize on billionaire Tim Draper’s announcement this month, with the latter tweeting praise from both the drug and Vera himself.
In this case, Draper flagged an account imitating Vera in his free tweet, but confirmed in a later interview that he was the author.
He said, “I spoke to Roger Fair and he created a token … I didn’t know he had a security issue, but … he created a code that was easy to portray.”
“Yeah, I posted this tweet, then I did more research, and it worked … I like people who try new things, who do new things, and I’m less religious in one way or another.”
BTC’s workbooks have far surpassed BCH and BSV combined since its launch, with a concomitant lack of activity, which Draper noted left both security vulnerabilities.
According to Internet resource Crypto51, the current theoretical cost of launching an attack of 51% per hour is nearly 50 times higher in US dollars for BCH compared to BTC – $ 9,914 versus $ 554,672. Another ‘copy’ of Bitcoin The formerly popular Bitcoin Gold (BTG) can now be hacked for as little as $ 312.