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Home Latest News Altcoins Bitcoin Cash hits record lows vs. Bitcoin days before hard fork

Bitcoin Cash hits record lows vs. Bitcoin days before hard fork

The embattled spin-off of Bitcoin shows little signs of life prior to its hard fork as Bitcoin vastly outstrips its performance. Altcoin traders continue to feel the pain as Bitcoin (BTC) gains, while Bitcoin Cash (BCH) hits new all-time lows.

BCH/BTC traded 0.017 BTC at press time, easily beating its previous record low of 0.0245 BTC seen in December 2018. 

According to Cointelegraph.com The hard fork of Bitcoin has seen little attention this year, as investors focused on Bitcoin and then the decentralized finance phenomenon. The announcement of another hard fork of the Bitcoin Cash network, set for Nov. 15, has done little to buoy the coin’s prospects, data shows. 

In USD terms, Bitcoin Cash has spent the last three months fluctuating between $230 and $280 in the corridor, while Bitcoin itself has risen by a third in value.

Price data for Litecoin (LTC) reveals a similar story. LTC/USD traded at 0.0038 BTC on Nov. 10, increasingly near to its extant bottom of 0.003 BTC as of March 2017. Noting the lack of performance by both Litecoin and Bitcoin Cash after PayPal announced that it will support both assets along with Bitcoin from 2021, a famous Twitter account summed up the mood among those who favor BTC. “We think it’s a bad business decision and also morally and ethically bankrupt for PayPal to allow retail customers to purchase BCH and LTC,” it wrote on Nov. 5.While prospects remain bleak in the near term, some traders continue to anticipate the return of “alt season” next year. In the meantime, the domination of the Bitcoin market cap is 64%, it’s the highest since June.

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