The market capitalization of the entire cryptocurrency market has fallen by about 5% since the beginning of the month. As of August 27, it is currently $944.9 billion.
Additionally, the overall market decline led to leading coins like Bitcoin [BTC] and Ethereum [ETH] Double-digit decline over the past 26 days.Share an important positive Correlation with BTC, Bitcoin Cash [BCH] affected by the overall market downturn.
the good times didn’t last
As of Aug. 15, BCH was trading at $145.92, up 40 percent from 30 days ago. At the time of writing, the altcoin is at an index price of $117.05, down 24% over the past 12 days.
The coin is down 8% in the past 24 hours, data from Coin market value disclose. The discrepancy between price action and activity suggests buyers are exhausted, despite a 42% increase in volume over the same period. This could lead to further price declines.
The price action reading of BCH on the daily chart is also not a good story. Since August 19, investors have gradually reduced their holdings of BCH. The rise in coin issuance has pushed key metrics – the Relative Strength Index (RSI), Money Flow Index (MFI) and Chaikin Monkey Flow (CMF) – below their respective neutral points.
At the time of writing, the RSI is 40. The token’s MFI is 39, while its CMF is -0.20. The reading of the positions occupied by these indicators is that the buying pressure on the BCH token has decreased over the past few days.
Source: TradingView
On-chain performance
The number of unique addresses trading BCH coins has dropped since August 15.according to mood, as of press time, there are 16,400 daily active addresses on the BCH network. It’s down more than 71% in the past 12 days.
As for transaction volume on the network, it also fell by more than 50% over the same period. In U.S. dollar terms, BCH’s trading volume fell from $93.79 million to $9.63 million in less than 15 days.
Source: Santiment
While the price per BCH coin dropped during the review period, in terms of network mining, miners have seen a 10% increase in rewards from transaction fees and block subsidies since August 15.
Source: IntoTheBlock
As for the percentage of profits for BCH investors last month, the 30-day market cap realized value (MVRV) was negative -16.58. On the 365-day average, the metric also recorded a negative value of -51.21. This shows that many BCH investors have yet to turn a profit since last year.
Source: Santiment
