Bitcoin is currently not showing signs of improvement before its hard fork while BTC is currently outstripping its performance.
Altcoin traders are the ones who are hurt as BTC gains with Bitcoin Cash dropping to an all-time low. As of 10th November, BCH’s worth in terms of BTC is less than before, according to Cointelegraph markets.
Bitcoin Cash Drops To New Bitcoin Lows
The trading rate for BCH/BTC is 0.017 BTC thereby eliminating its record of 0.0245 from December of 2018.
This BTC hard fork has gathered little attention in 2020 as investors focused more on Bitcoin and the phenomenon of financial decentralization. Further data reveals that the new announcement regarding one more hard fork to happen on 15th November is incapable of buoying the prospects of the coin.
In the last three months, Bitcoin Cash has fluctuated between $230 to $280 whereas Bitcoin has elevated its value three times in terms of USD value.
Unfortunately, Bitcoin proponents didn’t give much attention to the hard fork which has led to a tussle between companies opting to accept or reject these new coins.
Jameson Lopp, the CasaHODL co-founder, took to Twitter the previous week to express his worry regarding the sorting up of election drama prior to the next “shitcoin” drama. He is of the opinion that there are 10 days left before the next Bitcoin Cash fracture.
LTC Witnesses Lowest-ever Weekly Drop
The data shows the same story for Litecoin. The trading rate for LTC/USD on 10th November is 0.0038 BTC which is very near to its lowest of 0.003 BTC since March 2017.
The pair’s lowest close ever is available on its weekly chart this month.
There was a drop in the performance of both Bitcoin Cash and Litecoin following Paypal’s announcement regarding its planned 2021 support of the above two assets through Bitcoin. A prominent Twitter account voiced its opinion in favor of BTC lovers. This Twitter account slammed Paypal regarding its bad business resolution and also added that allowing retail customers to buy LTC and BTC is ethically and morally bankrupt for the firm.
Some traders are predicting the comeback of “alt season” in 2021, although such prospects appear very bleak in the near future. Meanwhile, the dominance of BTC’s market cap is set at 64% which is the highest it has reached since June.