Bitcoin Cash hits new low vs. Bitcoin as Draper deletes Twitter praise

Altcoin Bitcoin Cash (BCH) is plumbing new lows against Bitcoin (BTC) after crashing through fresh support.

Data from price tickers including Cointelegraph Markets and CoinMarketCap confirm that BCH/BTC is now at its worst levels in Bitcoin Cash’s three-year history.

BCH/BTC in “downward price discovery”

At press time, 1 BCH bought just 0.022 BTC, 92.2% less than at its peak of 0.285 BTC in December 2017.

BCH launched as an off-shoot from BTC in August the same year, at the time enjoying support from various industry figures and businesses. This subsequently began to wane as the altcoin’s popularity failed to compete with Bitcoin’s, leaving a dedicated but vocal group of supporters as its main users.

A subsequent hard fork saw the emergence of Bitcoin SV (BSV) in 2018, accompanied by high-profile infighting characterized by spats between BCH proponent Roger Ver and media mogul Calvin Ayre.

BCH began its most recent downward spiral against BTC in February 2020, after hitting year-to-date highs of 0.44 BTC.

For entrepreneur and commentator Alistair Milne, the outlook for the pair looked bleak, with no discernable buy levels left intact.

“Bcash vs. Bitcoin now in downward price discovery,” he pointed out on Saturday. “No support levels left having hit new ATL’s last week.”

BCH/BTC historical weekly chart

BCH/BTC historical weekly chart. Source: TradingView

Tim Draper: BCH promo deleted after I “did a little more research”

Bitcoin meanwhile remains locked in a battle for market dominance with a surging altcoin scene. On the back of the DeFi movement’s success, BTC now accounts for 55.8% of the total cryptocurrency market cap — its lowest since April 2019.

Despite fluctuations in market presence, however, opinion has long coalesced around Bitcoin over its hard forks, leaving BCH and BSV with little attention.

“To be honest, it looks like a big bubble,” Narek Gevorgyan, CEO of crypto portfolio tracker CoinStats summarized in an online debate.

He added that how BCH remained…

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