With Bitcoin Cash's price and trading volume declining, attention is turning to whether ongoing developments, including several ETF proposals, can renew market interest.
Price and trading activity have fallen
The price of BCH fell ↘4% in the last 24 hours and ↘11% over the week, underperforming the average for similar Layer 1 cryptocurrencies. During this period, its trading volume also decreased by ↘62%.
It faced strong competition from other cryptocurrencies
On a monthly basis, BCH's ↘16% price drop was less severe than the ↘19% average for its category. However, other Layer 1s showed significant strength, with ICP's price surging ↗95% and INJ's trading volume growing by ↗72% over the same timeframe.
Bitcoin Cash remains a focus for new products
Despite recent market performance, BCH is featured in multiple proposals
for new cryptocurrency ETFs, though the SEC recently delayed its
decision on some filings. Separately, Tether provided an
update on its plan for supporting the Bitcoin Cash network.