According to some data website, BCH, one of the major cryptocurrency in the market, suffered a further loss in its value today, with the BCH price now stands at around $500, an eighth of its highest price level.
Similar to BCH, the whole cryptocurrency market is now stuck in a long-lasting overall downward trend since May this year, with the Bitcoin price now far off its highest level of $20,089 in 2017.
BCH is the very first fork of Bitcoin in the cryptocurrency world, and the advent of this new token spawn a burst of forks in the following days.
The BCH is originally created to solve the so-called structural problems within Bitcoin, this is, scalability and heavy traffic on the chain. Therefore, the newly-created token is faster and more technically nimble, compared with its parent. This advantage allows the token to introduce mass adoption in everyday life, while the supporter for bitcoin now not much more than a financial instrument as stock.
However, when it comes to 2018, the market is suffering from a three-month-long bearish trend, the Bitcoin Cash is not exempt from this disruption. According to Chainanalaysis, the whole trading volume of BCH in May registers at $ 3.7m, down from $1050 in May, far off the indice of Bitcoin.