Bitcoin (BTC) is down today, and it’s taking everyone with it. However, while Bitcoin only fell 2.90%, Bitcoin Cash (BCH) fell 6.29% more.
Bitcoin Cash continues to be volatile
Bitcoin Cash currently sits at $175.04 (BCH/USD), with a trading volume of $2.6 billion in the last 24 hours. Its trading volume remains quite stable, even if the rate plunges.
Over the past month, Bitcoin Cash has followed a similar path to the rest of the market. Starting the month at $308, the BCH rate gradually declined over the following days, until early in the month when it fell during the stock market crash.
Bitcoin Cash recovered quickly from the crash, but that wasn’t enough to hold the gains as it began to slowly decline afterward. The BCH rate is now well below where it was at the start of the month, with no end in sight to the downtrend. With a bear market right now, most analysts expect it to bottom out in the near future before we start to see a slight upside that could last for a while and bring some much needed bullish movement.
Is it the right time to buy?
With the market down and Bitcoin Cash proving to be performing as well as it can, you might be able to earn a bit on a Bitcoin Cash investment. By buying this token at the bottom of its movement, there is a good chance of recouping profits over the next couple of days. We will likely see significant movement over the weekend, so catching the low price today could result in a good return on investment by Monday.
Because this particular crypto and the broader market are both highly volatile, there is tension for the rate to drop even further. We’ve seen a downtrend for most of the month, and there’s not much reason to expect that to change timeframes you can turn a profit in the short term, but don’t expect Not that Bitcoin Cash or any of the major cryptos are good long-term investments at this point.