The Bitcoin Cash price (BCH/USD) has seen significant losses over the past 24 hours, mirroring a downtrend affecting the wider cryptocurrency market.
The digital currency had a lacklustre Monday session, falling to an intraday high of $1,221.57, from its opening price of $1,296.03. The cryptocurrency eventually finished the session at $1,233.64.
Despite the slight uptick seen in yesterday’s late trading, Bitcoin Cash experienced another decline shortly after the start of today’s session. At the time of writing, the Bitcoin Cash price was hovering around $1,175, according to data from cryptocurrency tracker Coinmarketcap. The cryptocurrency has lost over 5% of its value in the past 24 hours, which is comparable to the performance of other major digital coins, such as EOS, Cardano (ADA) and IOTA (MIOTA), over the same period.
Despite its ongoing struggles Bitcoin Cash is the must-own digital coin of the moment, according to cryptocurrency investor Brian Kelly, founder and chief executive officer of BKCM. During an appearance on CNBC’s TV programme “Fast Money” yesterday, Kelly pointed to a recent meeting of Bitcoin Cash miners, which was focused on funding a BCH development fund. In the fund miners were "going to take some of the rewards they get from mining and put it in a fund to build stuff on top of bitcoin cash," Kelly said.
"That's how blockchains gain value," he added. "You're going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash."
In today’s trading, the Bitcoin Cash price stood at $1,176.44, as of 12:52 BST. The digital currency has lost nearly 6% of its value in the past 24 hours, Coinmarketcap data shows. The digital coin’s total market capitalisation currently stands at $20.1 billion, which makes it the fourth-largest cryptocurrency on the market.