Altcoin traders continue to lose as Bitcoin (BTC) is gaining and Bitcoin Cash (BCH) is making new all-time lows.
Data from Cointelegraph Markets and other sources show this As of November 10th, BCH will be worth less than ever in BTC terms.
Bitcoin Cash is dropping to new lows in BTC terms
At the end of this issue, BCH / BTC was quoted at 0.017 BTC, clearly exceeding its previous all-time low of 0.0245 BTC registered in December 2018.
Bitcoin’s hard fork has received little attention this yearAs investors, they focused on Bitcoin and then the decentralized finance (DeFi) phenomenon. The announcement of another fork in the Bitcoin Cash network for Nov. 15 did little to improve the coin’s prospects.as the data show.
In US dollars, Bitcoin Cash has spent the past three months in a corridor between $ 230 and $ 280while Bitcoin itself has risen by a third in value.
Unsurprisingly, Bitcoin proponents frowned upon the next “hard fork”.This has created a family struggle between companies that either support or oppose the resulting new currencies.
“Let’s hope that this election drama is cleared up before the next planned Shitcoin drama: Less than 10 days until the next Bcash fork!” The co-founder of CasaHODL Jameson lop Summarized on Twitter last week when the hard fork was confirmed.
Litecoin has the lowest weekly close in history
For Litecoin (LTC), the price data shows a similar story. LTC / USD was trading at 0.0038 BTC on November 10, getting closer and closer to its current low of 0.003 BTC as of March 2017.
On the weekly chart, The pair posted its lowest closing price in history this month.
Given the underperformance of Litecoin and Bitcoin Cash since PayPal, it has been confirmed that both assets will be supported alongside Bitcoin starting in 2021. a popular Twitter account summarized the mood among those who prefer BTC.
“We think it is a bad business decision, also a loss of morality and ethics for @PayPal to allow retail customers to purchase BCH and LTC.”he wrote on November 5th.
“Many retail investors will be fooled by a misleading copy like the following into buying assets that have no value. That is not right.”
While some traders continue to predict the “old season” will return next year, The outlook remains bleak in the short term as Bitcoin’s market capitalization dominance hits 64%, its highest level since June.