Bitcoin Cash price (BCH) is extending its declining trend into this week amid the broader market selloff. The fourth largest coin was the second biggest loser last week in the top ten coins. It fell almost 6% today following a drop of 25% last week. BCH trades below $950 today for the first time since April 20. The coin lost almost half of its value from this month high of $1,800.
The broader market selloff has also been impacting the value of the entire cryptocurrency market over the last couple of weeks. Cardano (ADA), Ethereum (ETH), EOS (EOS) and TRON (TRX) are also among the biggest losers during the latest selloff.
Cardano price plummeted almost 28% during the last week, and it is down nearly 7% today. Ethereum is the biggest loser among the top ten coins in today’s trading.
Although blockchain venture capitalist Spencer Bogart has downgraded his ratings for several altcoins, he is still neutral on Bitcoin Cash.
Roger Ver is Manipulating Prices
Some other analysts including Brian Kelly and Roger Ver are bullish on the upside potential of Bitcoin Cash price. They believe the recent BCH network upgrades have set it in a position to outperform several other coins in the coming days.
Roger Ver expects Bitcoin Cash to replace Bitcoin from its market-dominating position. However, some analysts believe that Roger Ver is trying to manipulate Bitcoin (BTC) and Bitcoin Cash price.
Marshall Swatt, founder & president of Swatt Exchange, said, “I think that Roger Ver is playing a dangerous game trying to manipulate people to back Bitcoin Cash rather than Bitcoin.”
Iqbal Gandham Says Bitcoin Cash Needs Clarity
The tug of war between Bitcoin and Bitcoin Cash lovers has been impacting the price performance of both coins.
Iqbal Gandham, UK Managing Director at eToro, says that Bitcoin Cash should reassure cryptocurrency traders that it offers the better framework for transactions than Bitcoin. He said, “This lack of clarity, has repeatedly called into question the authenticity of Bitcoin Cash, and until that is resolved the direction of price movement will always carry an air of uncertainty.”
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