Bitcoin Cash Loses 10% in Last 24 Hours, Despite 40% Increase in Trading Volume
Bitcoin Cash had lost 24% of its value in the last 12 days. Leading coins such as Bitcoin (BTC) and Ethereum (ETH) have also experienced double-digit losses over the past 26 days as a result of the broader market decline.
- BCH support present at $113.2
- Bitcoin Cash key resistance spotted at $117.44
- The BCH price is currently trading at $115.65
Bitcoin Cash has already lost 10% of its value in the last 24 hours. This despite a 40% increase in trading volume in the last 30 days.
Since the beginning of the month, the total market value of cryptocurrencies has decreased by almost 5%. The broader market decline has had an effect on Bitcoin Cash (BTC), which has a strong positive correlation with BTC.
Also, BCH increased by 40% in value in the last 30 days, trading at $145.92 as of August 15th. The assessments of BCH’s rate changes on a daily chart also did not provide optimistic information.
Investors have been steadily shedding their BCH holdings since August 19.
Meanwhile, the Relative Strength Index (RSI), Money Flow Index (MFI) and Chaikin Monkey Flow (CMF) were all pushed below their respective neutral zones by the increase in coin distribution.
Bitcoin cash price trades at $115.65
In accordance CoinMarketCapThe Bitcoin Cash price is trading at $115.65 or up 0.05% at press time.
The RSI was seen at 40 at the time of writing. The coin had an MFI of 39 and a CMF of -0.20. The buying pressure for the BCH coin had weakened over the previous three days.
At around $113.894348144531, Bitcoin Cash is currently trading near its five-day low. The cryptocurrency is 3.73% higher than its five-day low of $113.89 and 14.46% lower than its five-day high.
The price of Bitcoin Cash is currently above the barrier. In case the rally ends, Bitcoin Cash could be in a volatile position with support at $113.2 and resistance at $117.44.
Recent Bitcoin Cash trading has been fairly quiet. This indicates that today’s volume is lower than the volume average for the last seven days.
BCH Investors Losing Money?
Since August 15th, fewer distinct addresses have exchanged BCH currency. At the time of publication, there were 16,400 daily active addresses on the BCH network. In the last 12 days, it has decreased by more than 71%.
In the same time period, the network’s transaction volume also fell by more than 50%. BCH’s transaction volume, measured in USD, fell from $93.79 million to $9.63 million in less than 15 days.
As for mining on the network, since August 15th, rewards earned by miners from transaction fees and block subsidies have increased by 10%, despite the decrease in the price per BCH coin during the period under review.
According to the 30-day market capitalization realized value (MVRV), the percentage of BCH investors who made money in the last month was negative (-16.58).
This statistic also recorded a negative value of -51.21 over a 365-day period. This highlighted the fact that many BCH investors have lost money since last year.
Crypto total market cap at $928 billion on the daily chart | Source: TradingView.com Featured image from sFOX, chart from TradingView.com
