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Bitcoin Cash (BCH), with the influence of the downward trend in the cryptocurrency market, has experienced double-digit value losses and dropped to $192 levels within the last week. After its recent declines, Bitcoin Cash, according to CoinMarketCap (CMC) data, has been among the top 100 cryptocurrencies with the highest market value and has been one of the cryptocurrencies that has lost the most value in percentage terms in the last week.
Losses Reach Double Digits
As the leading cryptocurrency Bitcoin fell to $25,400 last week, the cryptocurrency market also experienced a downward momentum in the last week. Most altcoins in the cryptocurrency market have experienced varying degrees of value losses during this period.
Ethereum (ETH) started trading at $1625 levels after its recent value losses. The total market value of the cryptocurrency ecosystem also dropped to $1.04 trillion, according to CoinMarketCap (CMC) data.
Bitcoin Cash (BCH), which has recorded double-digit value losses in the last week due to the downward trend in the cryptocurrency market, has accelerated its downward price movements in recent days. Bitcoin Cash started trading at $192 levels, experiencing a loss of more than 11% in the last week. In addition, BCH’s 24-hour total market value also recorded double-digit declines.
After the recent declines, the total market value of Bitcoin Cash also dropped to $3.76 billion, according to CMC data. Additionally, Bitcoin Cash has been among the top 100 cryptocurrencies with the highest market value and has been one of the cryptocurrencies that has lost the most value in percentage terms in the last week.
Critical Indicators in Decline
Significant declines have been recorded in Bitcoin Cash reserves in recent periods. According to the data from the crypto analysis platform IntoTheBlock, the cumulative balances in Bitcoin Cash reserves have dropped below 6 million BCH for the first time since November 2018.
In addition to transaction volumes and miner reserves, significant declines have also been observed in the activities of addresses known as ‘whales’, which hold large amounts of crypto assets in their portfolios and are referred to as ‘whales’ in the crypto ecosystem. The crypto analysis platform Santiment, indicating the decrease in whale activity in Bitcoin Cash, shared the latest data.