RATE Group | Bitcoin Cash Drops 5% as Crypto Market Retraces, Tokens Take a Hit
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Bitcoin Cash Drops 5% as Crypto Market Retraces, Tokens Take a Hit

08 Nov Bitcoin Cash Drops 5% as Crypto Market Retraces, Tokens Take a Hit

Posted at 10:44h in Bitcoin News by

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After demonstrating nearly a 50 percent gain within a three-day span, Bitcoin Cash dropped five percent of its value against the US dollar.

The volume of Bitcoin Cash, which hovered at around $1.4 billion on November 6, has since dropped to $950 million, by 32 percent. Still, on a weekly basis, the volume of Bitcoin Cash is up from $750 million from $200 million.

Ripple (XRP), EOS, and Stellar (XLM), three major cryptocurrencies that experienced fairly large gains against both Bitcoin and the US dollar, recorded a drop in the range of 3 to 5 percent, with XRP dropping back to $0.5.

Bitcoin is Still Stable, on Track

Throughout the last 48 hours, Bitcoin initiated a minor upward movement from around $6,390 to $6,550 with a solid two percent increase against the US dollar.

As major cryptocurrencies and small market cap tokens retraced, the price of BTC dropped by a small margin of around 0.5 percent.

On crypto-to-fiat exchanges like Coinbase and…

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