If BCH had held its highest price in BTC, it would now exceed USD 23,000. BSV, another fork of Bitcoin, is also at an all-time low compared to Bitcoin.
Right now, the value of Bitcoin Cash (BCH) is at an all-time low against Bitcoin (BTC). The former was born from a fork of the pioneering cryptocurrency in mid-2017. The current price of the altcoin is just 1% compared to that of the main cryptocurrency on the market.
The price of Bitcoin recently reached above USD 57,000, and the price of BCH is just above USD 530. Satoshi Nakamoto’s cryptocurrency is equivalent to more than 10,000% of the market value of BCH, according to data from CoinMarketCap.
Therefore, the equivalence of BCH to BTC, from which it was born, has reached the lowest point in its history. The cryptocurrency is trading at around 0.009253 BTC, after falling by about 2% against Bitcoin in 24 hours.
The price of BCH against Bitcoin has fallen by more than 97.7% compared to its all-time high of November 2017. At that time, the altcoin that was born that same year reached a peak of 0.43 BTC per unit.
If BCH had held that equivalence, it would now be trading above USD 23,600. However, the cryptocurrency is currently trading at around USD 531.
Taking its beginnings as a reference, the price of BCH was above 0.10 BTC. Therefore, even when considering its birth instead of the ceiling, its depreciation exceeds 90%.
A long-standing disagreement over the fate of Bitcoin’s development led to the birth of Bitcoin Cash in 2017. Its developers considered BCH to be “Bitcoin’s initial promise” but the numbers indicate that the market does not think the same.
Performance of Other Altcoins against Bitcoin
The depreciation of altcoins against Bitcoin, even as they gain against US dollars, is not new. In October, a Glassnode report dealt with this situation among the main currencies and some representative of the bullish run of 2017. Among these were BCH and ETH, the cryptocurrency of the Ethereum network.
The latter is at almost 80% of its all-time high in BTC in mid-2017. Litecoin, another long-standing cryptocurrency, which emerged in 2013, is more than 90% of its highest price in Bitcoin.
BSV (Bitcoins Satoshi’s Vision) is another example of the lack of success in the market for cryptocurrencies that have been born from forks of Bitcoin. Craig S Wright, who calls himself Satoshi Nakamoto, created it in 2018 from a fork of BCH.
Wright has not been able to provide any kind of proof to show that he is the person behind the pseudonym. Furthermore, his cryptocurrency has failed to attract the attention that people in the market had expected.
At the beginning of 2020, BSV reached an equivalence of 0.04 BTC per unit. Currently, this cryptocurrency is trading at around 0.0034 BTC. Like its predecessor BCH, it is at its all-time lows against Bitcoin.
By Alexander Salazar
