Bitcoin Cash [BCH] fails to show its potential after the fork

Bitcoin Cash [BCH] is currently ranked at number 4 in the crypto-rankings and is valued at $1290.31 as of 17th May. It has a market cap of $22.11 billion. The coin has declined by 0.56% over the past 24 hours. Also, it declined by 21.85% over the past 7 days. It is being noticed that BCH has the 2nd highest decline rate in the top 10 cryptocurrencies.

BCH 7 days chart

BCH 7 days chart

The first half of May has been a rough one for cryptocurrencies as most of the coins have declined in price with Bitcoin being the most notable one. Many investors speculated that Bitcoin Cash[BCH] would overtake Ripple[XRP] and take the 3rd spot in the crypto-rankings after its fork. Even before the fork, BCH had a really close market cap to Ripple and was showing positive signs to win the spot. But the result turned out to be underwhelming as BCH did not take the 3rd spot and it also drastically declined in price reaching below $1300 dollars.

The fork brought various changes to Bitcoin Cash and its wallet. In short, the fork is an upgrade to Bitcoin Cash chain base which increases its block size from 8MB to 32MB. The upgrade allows an increase in the number of transactions and the speed of the transactions.

Big crypto-names like Roger Ver believed in Bitcoin Cash and believed that the coin would have a higher value than Bitcoin or almost the same value.

Elsa, a Twitter user says:

“Damn I’m disappointed with BCH, I was really hoping that it would take the 3rd spot in the crypto-rankings.”

Another Twitter user says:

“I knew that BCH would not take the 3rd spot in the rankings with the current state of the market. If the fork took place a month ago it would take the 3rd spot. The entire crypto-market is in a bearish state and will remain same for the rest of the month.”

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