Bitcoin cash (BCH) markets have been declining in value following suit with BTC and a vast majority of cryptocurrency prices suffering from losses the past five days. The price has since stabilized hovering around the $1,075 range after touching a low of $920 per coin just a few days ago.
Bitcoin Cash Prices Stabilize After a Bearish Week
BCH/USD markets have seen some lows lately but so has nearly every crypto in the entire digital asset economy. BCH charts show a strong correlation with BTC/USD values as both markets consistently share the same amount of percentage gains and losses. For every $1,000 U.S. dollars BTC loses, BCH values roughly drops by $100, and BCH usually commands about 10-12 percent of BTC’s aggregated value. Once in a while there are some stronger differences between markets depending on community sentiment or a new announcement for one or the other.
BCH mining profit parity against the BTC chain. Profitability has been consistent since this past November’s DAA hard fork.
At the time of publication, the BCH chain is operating at 10.55 percent of the BTC chain’s difficulty. This means today it is 6.1 percent more profitable to mine BCH than BTC, but profitability has been consistently between 5 percent lower or higher since the November BCH hard fork last year. The past 24-hours of trading sessions show BCH markets are up over 8 percent and command roughly $430Mn in daily trade volume. The top five exchanges swapping the most BCH on March 10 includes Okex, Hitbtc, Lbank, Huobi, and Bitfinex. With one BCH worth 0.1133 BTC most of the trade volume today is for bitcoin core to bitcoin cash swaps by 48 percent. Tether (USDT) follows right behind BTC/BCH swaps at 23.7 percent during today’s trading sessions. This is followed by the Korean won (5.6%), ethereum (1.6%), and the euro (1%).