Bitcoin Cash is definitely not having the debut supporters were hoping for. After the new currency forked off from the bitcoin blockchain earlier this week, its price has been all over the place. It peaked at around $750 at some point but then went down to $310 in just a few hours as the market adjusted.
The current low price of Bitcoin Cash (commonly known as BCC or BCH) is probably due to the lack of support from the community so far. Many big exchanges decided not to support the new cryptocurrency, preventing people from getting their promised “cash”. Many users in the community questioned the value of this new version of bitcoin, especially complaining about “cloning” existing funds from bitcoin.
Even tho the market cap for BCC has dropped to around $6 billion in value, it is still the third largest cryptocurrency, coming in strong just below ethereum and bitcoin.
“Due to a lack of support from some of the major exchanges, it looks at this stage as though Bitcoin cash will fail to gain traction,” Jordan Hiscott said on Monday.
“This may change going forward, but what is more pressing is the effect on the incumbent Bitcoin product, which at the moment is fairly muted, if slightly negative.”