The Bitcoin spin-off shows few signs of life before its fork, with Bitcoin far outperforming.
Bitcoin Cash reaches the lowest value against Bitcoin days before hard forkNOTICS
Altcoin traders continue to feel the pain as Bitcoin (BTC) rises while Bitcoin Cash (BCH) reaches new historic lows.
Data from Cointelegraph Markets and other sources show that as of November 10th, BCH is worth less in BTC terms than ever before.
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To date, BCH/ BTC has traded at 0.017 BTC, comfortably beating its previous record low of 0.0245 BTC seen in December 2018.
Bitcoin hard fork received little attention this year, with investors focusing on Bitcoin and then the phenomenon of decentralised finance. The announcement of another Bitcoin Cash fork, scheduled for November 15, did little to improve the currency’s outlook, the data show.
BCH / BTC historical weekly chart. Source: TradingView
In dollars, Bitcoin Cash has spent the last three months floating in a corridor between $230 and $280, while Bitcoin itself has increased by a third in value.
Unsurprisingly, the Bitcoin proponents took a gloomy view of the upcoming difficult bifurcation, something that generated a family dispute between companies choosing to support or reject the resulting new currencies.
„I hope this electoral drama disappears before the next scheduled shitty drama: Less 10 days to the next BCH fork! CasaHODL co-founder Jameson Lopp summarized on Twitter last week when the hard fork was confirmed.
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Litecoin has the smallest weekly closing
For Litecoin (LTC), price data show a similar story. The LTC/USD was traded at 0.0038 BTC on November 10, increasingly close to the existing March 2017 fund of 0.003 BTC.
On the weekly chart, the pair printed its lowest close in history this month.
Weekly historical LTC / BTC chart. Source: TradingView
Why a 30% drop in the price of Bitcoin shouldn’t catch you off guard now
Noting the lack of performance of Litecoin and Bitcoin Cash since PayPal confirmed that it would support both assets along with Bitcoin from 2021, a popular Twitter account summarized the mood among those who favor BTC.
„We think it is a bad business decision and also morally and ethically bankrupt for PayPal to allow retail customers to buy BCH and LTC,“ he wrote on November 5.
„Many retail investors will be tricked into buying assets that are completely useless by misleading copies, as below. It is not right“.
Some traders continue to predict a return to the „alternative season“ next year, although the outlook remains bleak in the short term. Meanwhile, Bitcoin’s market capitalization dominance reached 64%, the highest since June.