Bitcoin cash is currently the fourth largest ranked digital asset according to market cap on CoinMarketCap.com. At nearly $11 billion in market cap today, it is almost twice as large as the next biggest— EOS. Despite the importance of BCH to the crypto-verse, the digital asset could actually become a shadow of itself. This would be terrible news for its many investors, adopters, and adherents.
How Can Bitcoin Cash Be In Danger of Disappearing?
BCH has too many people vested deeply in it, which makes it unlikely to completely die off. Yet it could easily loose enough relevance that it became a cryptocurrency on life support like so many others. There are several signs that reveal the troubling path Bitcoin Cash is on today.
The starting problem centers on the division of the digital asset’s community. It is ironic that this happened to the cryptocurrency which arose from the fracturing of the original Bitcoin. Despite this division of BTC, it still remains the dominant force in the crypto-verse. It counts between 45 and 55 percent of the space’s total market cap at any given moment.
Bitcoin Cash is not so lucky. The number four by market cap cryptocurrency commands less than 9 percent of its sire’s market cap. If BTC held 50 percent market share today, then that would put BCH at only less than five percent. It lacks the luxury its father Bitcoin has to make mistakes and to take its time with projects and advances.
Major Bitcoin Cash supporter Craig Wright is the source of the discontent in the BCH. He insists on having the blocksize of the cryptocurrency boosted from 32 MB to 128 MB. If he cannot have his way, he will split off from Bitcoin Cash with his supporters.
If Bitcoin Cash were Bitcoin, it might survive this relatively unscathed. Yet its measurable statistics are declining rapidly, and it is not BTC. The price has plunged from .19 BTC to today’s .08 BTC. Transaction volume jumped as BCH joined Coinbase trading. This has now collapsed.
The hashrate had always been increasing since its inception. It is declining from mid-July. Now might be a good time to quietly head for the BCH exits. Once the rest of the cryptocurrency crowd catches on and does the same, it will be too late.
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