Decline in Bitcoin Cash's Value

Bitcoin Cash has experienced a decline of $200 million in its market value from April to May 2024. Currently, it is trading at around $469, with a 0.08% drop in the last 24 hours.

Bitcoin Cash: A Peer-to-Peer Electronic Cash System

Bitcoin Cash is a peer-to-peer electronic cash system that aims to become the global money with fast payments, micro fees, and a larger block size. It is a hard fork of the Bitcoin blockchain, resulting from a difference in the community's views on block size and the Segwit upgrade. Bitcoin Cash has a block size of 32MB, while Bitcoin has a block size of 1MB.

Technical Specifications of Bitcoin Cash

Bitcoin Cash is secured by the Proof-of-Work consensus mechanism. It has a blockchain size of 202.6 GB, a TPS of 0.16s, a network difficulty of 532,525,031,419, and a median transaction fee of $0.05. The network has a hash rate of 3.97EH/S and a total of 158 transactions in the pool. However, Bitcoin Cash has been experiencing a stagnation in overall transactions and active users.

BCH Inflows to Exchanges Decline, Bulls Prepare for a Run

The BCH token held in exchanges has observed a decline, currently standing at around $3.7 million. The BCH inflows to exchanges are 7.67k BCH, which is below the 180-day average. Meanwhile, illiquid BCH experienced the largest one-week increase in 6 weeks, increasing by 40.49k BCH to 16.83 million.

Whales and Investors Maintain Their Positions

The whales holding BCH have seen no change in their holdings, while investors and retailers have observed a slight decline in their overall supply in the last few weeks.

Steady Open Interest and Funding Rate

The overall Open Interest (OI) of Bitcoin Cash has been steady in the last few days, and the funding rate has remained constant in the last few weeks.

Potential for a Bullish Run

Bitcoin Cash has a market cap of $9.2 billion and is ranked 16th on CoinMarketCap. It has a VM ratio of 0.02 and a surge of 2% in the overall volume. The price is currently trading near $470, with a slight gain intraday.

Consolidation and Potential Resistance

Bitcoin Cash price is in a weak consolidation range, trading below the 50- and 100-day EMAs, which could act as resistance for the price. The uptrend could halt near $550, while the support could be observed near $400. The RSI is currently neutral, indicating a balanced sentiment.

In conclusion, while Bitcoin Cash has experienced a decline in its market value and overall transactions, the underlying fundamentals and technical indicators suggest a promising future. The decline in BCH inflows to exchanges and the increase in illiquid BCH indicate a potential bullish run ahead, provided the price can break through the resistance levels.