Bitcoin

Bitcoin Cash Market Report: Bithumb Traders Sell Off $BCH

HitBTC traders sell $BCC/BTC, now down over 17% on 24 hours.
HitBTC traders sell $BCC/BTC, now down over 17% on 24 hours.

 

Brief:


Traders on the Bithumb Korean exchange mainly sold off $BCH assets after the day of trading, which has driven the price down. Bitcoin Cash is down -9.65% in 24 hours, down -19.51% on the week and down -23.34% on the month on a last price of 365,000 won or about $318.32. The Bitcoin Cash marketcap is $5,309,028,498 with a circulating supply of 16,678,275 $BCH. $BCH/KRW is trading between a 24hr high of 404,300 won ($353.45) and a 24hr low of 365,000 won ($319.09) on a 24hr Bithumb volume of $68,148,118. In moderate volume trading the weekly trend is down.

Last price

365000 $BCH/KRW

$USD

last price $ 318.32
one week ago $ 396.46
percentage -19.71%

Volume

Volume

$BCH 24 hour volume
KRW $68,148,118
all currencies $246,865,000

The 24 hour volume for $BCH/KRW on Bithumb is $68,148,118. This volume weight is moderate when compared with Bithumb daily trading levels for $BCH over the last month.

The total 24 hour volume for all reporting $BCH markets is $246,865,000.

Market Share

The Bithumb currency pair $BCH/KRW is approximately 27.60% of all $BCH (and $BCC) traded in twenty-four hours. Bithumb is the global leader in market share for Bitcoin Cash.

Top Ten CoinMarketCap Bitcoin Cash Markets

Note that the alternate use of “$BCC” is a duplicate trading symbol. This bonehead play in assigning a duplicated symbol to a new digital asset gives some indication about the lack of thought that went into this coin.

Remarks

Traders on the Bithumb Korean exchange mainly sold off $BCH assets after a day of Monday trading, which has driven the price down. Bitcoin Cash is down -9.65% in 24 hours, down -19.51% on the week and down -23.34% on the month on a last price of 365,000 won or about $318.32. The Bitcoin Cash marketcap is $5,309,028,498 with a circulating supply of 16,678,275 $BCH. $BCH/KRW is trading between a 24hr high of 404,300 won ($353.45) and a 24hr low of 365,000 won ($319.09) on a 24hr Bithumb volume of $68,148,118.00. In moderate volume trading the weekly trend is down.

You know your asset is in trouble when the high for the day was the period opening price, and the low for the day is the last price. This is an indicator the price is on (at minimum) a 24 hour downtrend, and will continue to drop.

The bad news for $BCH is that a selloff is in progress on the big Korean market, and in all markets. Looking at the CoinMarketCap.com Year to Date chart suggests that Bitcoin Cash has been in descent mode since August 19 2017 in mixed trading. The price fluctuates up, but trends down:

CoinMarketCap.com YTD Chart

Bithumb One Month of $BCH

Bithumb One Week of $BCH

HitBTC.com Traders Dump $BCH
Europe based HitBTC.com is second overall in Bitcoin Cash $BCC/BTC market share today with about 26%. This is what the HitBTC chart looks like:

The chart looks prettier but the news is worse. $BCH is down over 18% in twenty-four hours on HitBTC. A betting person might bet that traders saw $BCH tumble on Bithumb and sold off proportionately more.

Is the end near for this $BCH asset, spawned from an internal bitcoin political firestorm? Not so fast. This is an asset in the top ten of all crypto assets, with a market cap of $5.3 billion dollars. However, the market is not impressed, and continues to sell.

One Month

Browse Bitcoin Cash Collection

Learn about the unique characteristics of $BCH. Browse our collection of Bitcoin Cash Market Reports. Includes Launch Reports from several key exchanges.

Bitcoin Background

Alts such as Bitcoin Cash may show a relationship with bitcoin ($BTC) which changes with the alt, bitcoin and market conditions:

24 Hours of Bitcoin
24 Hours of #Bitcoin
3.63% price $4,725.99
vol $1,564,340,000
mktcap $78,515,234,865
16.61M #XBT 19:38 #FinTech
http://kittybitcoin.com/bitcoin/24_hours_of_bitcoin.php

XBTLivePriceTM

Yesterday

Altcoin Market Reports
We publish recent and topical Market Reports on many altcoins. Browse our extensive collection of Altcoin Market Reports.

Price change

Price change is the $BCH percentage change within the period:

period change
day -9.65%
week -19.51%
month -23.34%

Highlight Chart

Tap / click to enlarge:

HitBTC.com $BCC Chart

Data source

Bithumb is the main data source for this report. Other sources are credited where used.

Market capitalization

Market capitalization is the total $US dollar value of the Bitcoin Cash market calculated using the formula:

market cap = ( circulating supply x last price )
Market cap $ 5,309,028,498
Circulating supply 16,678,275
Last price $ 318.32
Circulating supply data courtesy of CoinMarketCap.com.

Daily High Low

daily high 404300
daily low 365000

Trend

The weekly trend is down.

trend is DOWN

Resistance

Resistance is the highest price within the period:

period resistance
day 404300
week 502900

Support

Support is the lowest price within the period:

period support
day 365000
week 361700

Market sentiment

Market sentiment is bearish.

sentiment bearish

Image courtesy Pixabay.com

Summary

Traders on the Bithumb.com Korean exchange mainly sold off $BCH assets after a day of trading, which has driven the price down. Bitcoin Cash is down -9.65% in 24 hours, down -19.51% on the week and down -23.34% on the month on a last price of 365000 or about $318.32. It’s down even more on HitBTC – about 18% in 24 hours. The Bitcoin Cash marketcap is $5,309,028,498 with a circulating supply of 16,678,275 $BCH. $BCH/KRW saw weekly resistance at 502,900 won and weekly support at 361,700 won. Market sentiment is bearish. The weekly trend is down in moderate volume trading.

Analytic Strategy: Objective Analysis

Objective analysis begins free of subjectivity. Interpretation of technical analysis geometric patterns, for example perceived shapes on a trading chart, is inherently subjective. This report is free of technical subjectivity to the maximum extent reasonably possible.

Disclaimer

Past history is NOT an indicator of future results. Read the legal disclaimer:

http://kittybitcoin.com/docs/disclaimer.php

Printed

This report was printed on Monday October 09 2017 18:22 hours UTC. Contact KittyBitcoin to request custom reports. Share your thoughts with @KittyBitcoin on Twitter.

Coming soon

Thanks for reading! 🙂

Tags

Bitcoin Cash, $BCH, KRW, Bithumb, Market, Report, $BCH/KRW, altcoins

@KittyBitcoin supplies mobile friendly blockchain intelligence on http://kittybitcoin.com. Their favorite color is pink and the bigger the wool ball the better.
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