If BCH held the highest price it had in BTC, it would exceed $ 23,000.
BSV, another fork, is also at an all-time low relative to bitcoin.
The value of bitcoin cash (BCH) is at its lowest point compared to bitcoin (BTC), a cryptocurrency from which it was born on a fork in mid-2017. Currently, the price of altcoin is just 1% compared to the price of the main cryptocurrency on the market.
With BTC’s most recent rise above $ 55,000 and the price of BCH just barely above $ 530, the pioneer cryptocurrency equals more than 10,000% of the market value of each BCH, in data from CoinMarketCap.
Thus, the equivalence of BCH with respect to the cryptocurrency from which it was born has reached its lowest point in historical terms. At the time of writing this article, the coin is priced at 0.009725 BTC, after falling about 2% in the last 24 hours and more than 7% in a week, compared to bitcoin.
If we analyze these numbers historically, we see that the price of BCH with respect to bitcoin has fallen more than 97.7% with respect to its historical maximum, registered in November 2017. At that time, the coin born that same year reached a peak at 0.43 bitcoins per unit.
If that equivalence is maintained today, BCH would have its price over $ 23,600. However, the cryptocurrency is currently trading at $ 534.
Even if we go back to its early days, BCH was trading above 0.10 bitcoins. So, even taking into account your birth rather than the cap, depreciation exceeds 90%.
Bitcoin Cash was born in 2017 as a result of a long-standing disagreement over the fate of Bitcoin’s development. Its developers have come to consider BCH as “the initial promise of Bitcoin.” But, judging by the numbers, the market does not think the same.
Performance of other historical altcoins against bitcoin
The depreciating behavior of altcoins against bitcoin, even as they win against the dollar, is not new. A report by Glassnode last October, reviewed in this newspaper, revealed this situation between the main currencies in the market and some representative of the bull run of 2017, such as BCH or ETH, the cryptocurrency of the Ethereum network.
When reviewing the behavior of the latter against the original cryptocurrency, we find ETH almost 80% of its all-time high in BTC, dating from mid-2017. Litecoin, another long-standing cryptocurrency, created in 2013, is located to more than 90% of its higher price against bitcoin.
Another example of little success in the market for cryptocurrencies born from Bitcoin forks is BSV (bitcoins cash satoshi’s vision). Born in 2018 from a fork of BCH, this cryptocurrency was created by Craig S. Wright, who also proclaims himself as Satoshi Nakamoto, creator of Bitcoin.
And just as Wright has failed to give some kind of proof to prove that he is the person behind the pseudonym, his coin has failed to capture the expected attention in the market.
After having reached an equivalence of 0.04 BTC per unit at the beginning of last year, BSV is currently trading around 0.0034 bitcoins. Y just like its predecessor, BCH, is at all-time lows against bitcoin.
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Bitcoin Cash is already 10,000% less valuable than BTC on the market