Altcoin traders continue to feel the pain as Bitcoin (BTC) strengthens and Bitcoin Cash (BCH) reaches new record highs.
Data from Cointelegraph Markets and other sources show that as of November 10, Bitcoin Cash is less BTC in value than ever before.
Bitcoin Cash falls to new BTC downturns
At the time of publication, BCH / BTC was trading at 0.017 BTC, comfortably breaking the previous low time of 0.0245 BTC in December 2018.
Little attention was paid to Bitcoin’s hard fork this year as investors focused on Bitcoin and later on the phenomenon of decentralized financing. The data show that the announcement by Hard Fork of another Bitcoin Cash network, scheduled for November 15, did little to improve the currency’s prospects.
In dollars, Bitcoin Cash has fluctuated in the aisle from $ 230 to $ 280 in the last three months, while the value of Bitcoin itself has grown by a third.
Not surprisingly, Bitcoin supporters have doubted the upcoming hard fork, triggering a well-known battle between companies that decide to support or reject the newly received currencies.
“Hopefully this election drama clears up before our next shitcoin drama: T minus 10 days until the next bcash crash!” JamesH Loeb, co-founder of CasaHODL, traded shares on Twitter last week after confirming the hard fork.
Litecoin shows the lowest weekly closing
For Litecoin (LTC), the price data shows a similar story. On November 10, the LTC / USD traded at 0.0038 BTC, which is increasingly close to the current low of 0.003 BTC since March 2017.
On the weekly chart, the couple recorded their lowest decline on the record this month.
LTC / BTC historical weekly chart. Source: TradingView
Noting the shortcomings of both Litecoin and Bitcoin Cash that PayPal has confirmed that they will support both assets alongside Bitcoin from 2021, the popular Twitter account summed up the feelings among those who support BTC.
They wrote on November 5: “We believe this is a bad business decision, as well as a moral and ethical bankruptcy at PayPal to allow retail customers to buy Bitcoin Cash and LTC.”
“Many private investors will be tricked into misleading texts like the one below, and buy completely worthless assets. That’s not right.”
Some traders continue to expect the “alternative season” to return next year, although the outlook remains bleak in the short term. Meanwhile, Bitcoin’s market value reached 64% – the highest level since June.