Wednesday, June 29, 2022

Bitcoin Dips Under $6K, DASH Wins as Traders Punish BTC and BCH

Bitcoin Dips Under $6K, DASH Wins as Traders Punish BTC and BCH

Bitcoin has dipped below the $6,000 USD mark as investors initially appeared to switch their money to rival Bitcoin Cash (BCH). However it wasn’t all smooth for BCH either — both blockchain siblings were left bleeding value as traders eventually abandoned both. For now, most of the momentum has gone to DASH.

Also read: New Bitcoin Core Release: 0.15.1 Comes Amid Fork, Price Turmoil

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Bitcoin Siblings BTC and BCH Fight, Get Punished

At press time, Bitcoin is either hovering just above or below $6,000, depending who you ask. Bitsonline’s own index has it at $6,018.32 — however it dropped below the landmark on Coinbase before 6 AM EST, and CoinMarketCap has it at $5,998.81.

It had hit $7,751 on CoinMarketCap as recently as 8th November.

Coinbase price chart
Chart via Coinbase

Yesterday’s selloff could have been much worse. Traders clogged the BTC network hours earlier trying to ditch bitcoin, fearing a “flippening” of value to Bitcoin Cash was underway that could leave BTC with nothing. Ironically, the long confirmation delays this caused may have shielded BTC, preventing further moments of panic.

In the end, though, it was BCH that took the biggest hit. After reaching a peak around $2,420, its price then tanked as Korean exchange Bithumb — reportedly where most trading activity was happening — went offline for maintenance and CoinMarketCap removed it from its index.

There were further moves upward later, but none topped $1,800. At press time, BCH sat at $1,337 (heh).

BCH price 1337

For the record, when Bitcoin was hitting its $7,700+ highs on November 8th, BCH was still around $600. So it remains a winner for the week.

DASH Is the Elephant in the Room

It appears traders ultimately tired of the Bitcoin siblings’ bickering, and put them both out of the car. But where did their money go next? Going purely by stat charts, it appears they quietly turned to DASH. The privacy coin was hovering around the $300 mark on November 8th, but has leapt 32.78 percent to $461 by press time, in the immediate wake of the Bitcoin war.

Ethereum ETH also regained its #2 market cap spot, which it lost briefly to BCH, rising 4 percent to $321. DASH’s own rival Monero gained 7 percent and now sits at $128.

Why DASH, though? Is it just coincidence, or do investors actually now see it as a viable alternative to the Bitcoin family? It certainly has the best marketing of any cryptocurrency, and never misses a chance to grab the spotlight.

Whether it can hold its November gains or not is, as always, unknown.

What cryptocurrency are you HODLing right now, and why? Please share your thoughts in the comments.

Images via Pixabay, Coinbase, Coinmarketcap

This price report is meant for informational purposes only. Bitsonline is not responsible for any gains or losses incurred while trading bitcoin.

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