The Bitcoin Cash price (BCH/USD) has managed to bounce back after hitting an all-time low in today’s early trading.
While the digital coin spiked to an intraday high of $415.15 in the early hours of yesterday’s session, it was unable to sustain trading at those levels and quickly returned to sub-$400 prices. The token continued to decline throughout the session and eventually finished that day at $336.96. This well below Bitcoin Cash’s opening level of $383.63.
Bitcoin Cash had a disastrous start to today’s trading, as its price plunged toward the $230 mark and then continued to fall until it eventually dropped below the $200 mark for the first time since its inception last year. This is according to data from digital currency tracker Coinmarketcap.
Bitcoin Cash’s problems started last week, when the cryptocurrency’s protocol underwent a hard fork that resulted in the creation of two separate implementations of the BCH code - Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi’s Vision). According to some observers, the hard fork triggered the ongoing sell-off observed across the wider digital currency market.
According to a disclaimer on the Coinmarketcap website, the BCH price data tracks the performance of the ABC implementation, which was the existing version before last week’s fork.
“In order to reflect the current market, we have merged our Bitcoin Cash (BCH) and Bitcoin Cash ABC (BCHABC) listings. We have observed that a majority of exchanges are using the Bitcoin Cash (BCH) to refer to the Bitcoin Cash ABC implementation,” the service explained.
As result of the early drop, Bitcoin Cash was temporarily overtaken by Stellar, as the fourth-largest crypto on the market. However, BCH has managed to pare its losses and retake the fourth place in more recent trading.
In today’s trading, the Bitcoin Cash price stood at $245.14, as of 16:53 GMT. The digital coin has lost nearly 30% of its value in the past 24 hours.