The crypto market capitalization has lost approximately 5% since early this month. While publishing this content, the global crypto market capitalization stood at $969.11 billion, losing 0.27% within the past 24 hours.
Furthermore, the broad market slump has had leading cryptocurrencies such as Bitcoin and Ethereum posting double-digit slumps within the past 26 days. Meanwhile, the positive BTC correlation saw Bitcoin Cash succumbing to the overall market downturn.
Good Times Not Lasting
BCH changed hands at $145.92 on August 15, reflecting a 40% dip within 30 days. While writing these lines, the alternative token traded near $117.06, surrendering 24% of its value within the past twelve days. Indeed, the altcoin has recorded a downward spree.
The past 24 hours saw BCH losing 8% (Coinmarketcap data). Though trading volume surged 42% within that timeframe, the inconsistency between trading activity and price actions confirmed buyer exhaustion. That might attract a price decline for the alt.
The indications of BCH price action on the 24Hr chart didn’t highlight an impressive tale either. Since August 19, traders have gradually trimmed their Bitcoin Cash holdings.
The surge in alt distribution sent crucial indicators – Chaikin Money Flow (CMF), Relative Strength Index (RSI), and Money Flow Index (MFI) – beneath their neutral levels.
While writing these lines, the Relative Strength Index read 40. BCH’s Money Flow Index swayed at 39, whereas the CMF stood at -0.20. The indicators suggested that BCH’s buying pressure plummeted within the last few days.
On-Chain Performance
Meanwhile, the number of unique wallets transacting BCH has dropped since August 15. Santiment data shows the asset’s daily active addresses hovered at 16,400 during this publication. It declined by more than 71% within the past twelve days.
Also, the network’s transaction volume declines by more than 50% during that timeframe. Bitcoin Cash saw its transaction volume sliding to $9.63 million from $93.79 million within 15 days.
Though BCH saw price slides amid the timeframe under review, miner rewards from block subsidy and transaction fees since August 15 have soared by 10%.
Stay tuned for the latest cryptocurrency news.
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