BCH was trading at $115.76, marginally down in last 24 hours
According to WhaleStats, the bitcoin fork, Bitcoin Cash (BCH), is seeing sudden whale interest. It ranks among the top 10 assets in terms of trading volume among the 100 largest BSC whales in the last 24 hours.
While the reason for the sudden interest in the asset remains unknown, the easiest logic remains that whales typically use periods of dips or underperformance to accumulate tokens cheaply.
The MVRV of sentiment indicates the sentimental mood surrounding an asset at any point in time, reducing the likelihood of a future price movement based on probabilities. “Neutral” refers to mean MVRV deviations that fall between -50% and +50%, meaning they are less than half of those toward the “opportunity zone” or “danger zone”. Negative MVRV properties in the “opportunity zone” are under-purchased, while properties with high MVRV values in the “threat zone” are overvalued.
A recent Santiment analysis indicates that, for most assets, including BCH, the 30-day trading returns continue to point to midterm losses for the average portfolio. The further into negative territory an asset’s MVRV goes, the lower the risk of a further downside.
At the time of publication, BCH was trading at $115.76 with a slight decline over the past 24 hours. Sharing a significant positive correlation of 93% with BTC, Bitcoin Cash (BCH) has been hit by the general market downturn.
At current prices, Bitcoin Cash remains down 97.35% from its all-time high of $4,355 reached on Dec. 20, 2017, and ranks as the 29th largest cryptocurrency in terms of market capitalization.
BCH lawyer Roger Ver stirs up crypto Twitter
Roger Vero Posted a tweet on buying BTC: “Buying BTC is not like buying shares in the early internet, it is like buying shares in myspace on the early internet.”
A Twitter user asked in response, “So what is buying BCash comparable to then? Shares in what.”
Roger Ver earned the nickname “Bitcoin Jesus” in his early days for prosecuting the world’s largest cryptocurrency, bitcoin. He has invested in several bitcoin-related start-ups and has become one of the most vocal advocates of Bitcoin Cash.
