In terms of market price, Ethereum has surpassed Bitcoin Cash for the first time ever. According to CoinMarketCap, ETH trades for $86 while BCH trades for $80.
According to the data from CoinMarketCap, it’s been confirmed that Ethereum now trades at a higher price than Bitcoin Cash. This is happening for the first time since the two Crytos exist together. At the time of writing, Ethereum trades for $86 while Bitcoin Cash trades for $82. The two Cryptos further highlight how the market has fallen this year. Bitcoin cash, on 20th December 2017 (just 3 days less than a year ago) was trading at an all-time-high of $4000 with market cap and 24-hour trading volume of $69 billion and $12 billion respectively. It’s fall started in December 2017, almost the same time as Bitcoin and has now dropped to $80 which accounts to a 98% decline. At the same time when Bitcoin cash peaked, Ethereum had hit $820 but continued stronger into 2018. In January 15th, ETH peaked at $1389. At the time when Ethereum peaked, BCH had already slumped to $2470 (38% decline in just 25 days). BCH has in no doubt performed far worse than Ethereum and other major Cryptos. Compared to BCH’s 98% decline, Ethereum has lost nearly 94% from its all-time-high.
Bitcoin Cash Sell-off After Hardforks
About a month ago, Bitcoin cash went through a hardfork on 15th November leading to the two networks which are now known as Bitcoin SV and Bitcoin cash ABC. Since their creation, the two have been listed on Cryptocurrency exchanges like Coinbase and Binance. However, there prices plunged after a harsh power fallout. The creation of these two forks in November met a wild Crytpocurrency market sell-off which has seen Cryptocurrencies hitting their all-time lows. Since the November crash, the cryptocurrency market has lost more than $80 billion of its total capitalization. Since the hardfork, BCH has plummeted from $500 to $80. BCHABC and BSV currently trade for $83 and $76 respectively according to CoinMarketCap.
Ethereum Market Capitalization to hit $110 billion
Despite the year-long bearish move which has seen most Cryptos collapsed and the market lost more than 80% of its capilization, Ethereum co-founder Steven Nerayoff has said that ETH’s market cap will hit $110 billion. This in turn might set price up to $2500 in 2019-2020. Nerayoff’s prediction was based on the daily increase in the number of products being built on the Ethereum blockchain. Ethereum co-founder Vitalik Buterin also added during the last Ethereum industry summit held in Hong Kong in September
”The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore”
Meanwhile, many analysts believe the Crypto market will continue bearish this year and early next year. Bitcoin’e next bearish target is $2500. Probably, there would be a bit of recovery from there.
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