Bitcoin Cash's 180% Bounce Looks Like a Dead Cat
Maybe the digital currency acolytes will prove all the obituary writers wrong. But when you look at this year’s charts, it’s a very brave call.
Bitcoin Cash has had a great week. So that's only a 95 percent decline for the year then.
Photographer: Bloomberg Creative Photos/BloombergThere’s a great website that tracks the number of times obituaries have been written on Bitcoin (this column will be added to them). The expected punchline is no doubt that the crypto-currency will outlive all the people writing about it. That’s possible. After hitting a year’s low of about $3,143, down about 80 percent from January highs, Bitcoin has risen 27 percent this week. Short-sellers are closing their positions, while fans smell fresh opportunity.
Even more eye-watering market moves are happening elsewhere in the digital currency’s ecosystem. Bitcoin Cash, a spin-off intended to be more usable as a payments mechanism, has almost tripled this week from about $80 to $225. That this is happening at the same time as a U.S. stock-market selloff will no doubt warm the hearts of crypto-evangelists, who believe their currencies offer genuine alternatives for where to put money in times of trouble.