The Bitcoin Cash price (BCH/USD) has lost over 4% of its value over the past 24 hours, despite experiencing an uptick in today’s early trading. The some of the losses resulted from a late Monday drop that affected not only Bitcoin Cash, but also the entire digital currency market.
The fourth-largest digital currency on the market saw a couple of steep drops in yesterday’s session, which led to its price hitting a four-day low. The first steep decline occurred in the morning session, sending its price down to around $540, from an opening level of $570.11. The coin experienced another drop in late afternoon trading, this time falling to as low as $513.12. The coin eventually finished the session at $515.66.
Bitcoin Cash attempted to recover some of its losses in today’s morning session, but it didn’t have enough momentum to extend its gains beyond the $540 mark. Furthermore, the coin’s performance weakened in the afternoon, forcing it to give up most of its early gains. At the time of writing, the Bitcoin Cash price was hovering around $520, according to data from digital currency tracker Coinmarketcap.
In other BCH news, Bloomberg yesterday reported that the use of Bitcoin Cash in commerce had taken a significant hit in recent months. The newswire cited a research by blockchain analytics firm Chainalysis, based on a review of payments received by the world’s 17 largest crypto merchant processing services. According to the study, Bitcoin Cash payments plunged to $3.7 million in May, down from a high of $10.5 million in March. Meanwhile, the original cryptocurrency, Bitcoin (BTC) totalled $60 million in May, down from its peak of $412 million in September.
In today’s trading, the Bitcoin Cash price stood at $523.29, as of 15:43 BST. The digital coin has lost 4.3% of its value in the past 24 hours, according to Coinmarketcap.