It’s being reported that bitcoin cash had a very rough third quarter in 2019. The price was never quite able to get off the ground, and as a result, bitcoin cash (BCH) arguably performed worse than any other coin.
Is It Fair to Single Out Bitcoin Cash?
But is it fair to lay this judgement on the little brother of bitcoin? Sure, BCH may not have been at its best, but it can be argued that this applies to virtually every major cryptocurrency during this period.
As we all remember, the second quarter – or rather the final weeks of the second quarter – marked a huge (and positive) change for many of the world’s leading cryptocurrencies. Bitcoin, for example, made headlines when it surpassed $13,000. Many believed that it was just a matter of time before it reached its December 2017 levels again. That’s how fast it was moving.
Unfortunately, this good fortune didn’t last long. Bitcoin immediately began to sink to lower levels, eventually dropping to $12,000, then $11,000, then $10,000, which is where it hovered for several months. After that, $9,500 arrived in late September before a nasty drop to the $8,100 level occurred following the dismal opening of Bakkt, the institutional trading platform for crypto enthusiasts owned by the Intercontinental Exchange (ICE).
While things eventually picked up for Bakkt, it was much slower for bitcoin and its altcoin cousins. Bitcoin did experience a sudden jump to $8,600, but this good fortune lasted less than 48 hours, and it wasn’t long before the world’s leading cryptocurrency took a nosedive into the $7,900 region.
This also led to even harsher results for the currency. Following the announcement that Mark Zuckerberg – the CEO of Facebook – would take part in a congressional hearing to discuss the company’s plans for Libra and its entry into the financial space – bitcoin took another swan drive from about $8,200 (where it had been trading prior) to about $7,400. It lost $800 in just a matter of days, and things really weren’t looking well.
However, following the close of the third quarter, bitcoin, bitcoin cash and several additional altcoins suddenly found themselves jumping through more “positive hoops,” with bitcoin getting a nice boost from stronger Bakkt trading and powerful blockchain comments administered by Chinese president Xi Jinping.
All Coins Did Poorly in the Third Quarter
Bitcoin cash also saw itself getting a nice little surge, as it suddenly jumped up to $290 and was trading at just shy of $300 over the weekend. Could the currency keep this momentum up?
Clearly, it would be wrong to single out bitcoin cash – or any cryptocurrency for that matter – regarding its dismal third quarter performance. As we can see, virtually every major form of crypto was traversing through red territory. Perhaps the final months of 2019 will bring about stronger waves.