Since OKEx removed Bitcoin Cash (BCH) trading pairs from its spot exchange on March 30, BCH has entered another downward spiral, with its price now below 10% of Bitcoin's (BTC) value.
According to cryptocurrency tracking platform Worldcoindex, BCH had maintained a price above 10% of BTC's value since mid-December 2022. Even during the market volatility on February 6, BCH never fell below this psychological threshold.
The Origins of Bitcoin Cash (BCH)
Born from the August 2017 hard fork, Bitcoin Cash emerged from ideological differences between mining communities and developers. While BTC remained under Core development, BCH gained significant miner support. However, the cryptocurrency has faced continuous controversy since inception.
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The Great Bitcoin Identity Debate
A vocal group of BCH proponents refuse to acknowledge Core-developed BTC as the "true" Bitcoin, labeling it "BCE" instead. They frame BCH vs. BTC as an ongoing competition for legitimacy, with some claiming BCH represents Bitcoin's original vision. Conversely, Core developers and BTC maximalists view BCH as an opportunistic fork, sparking heated debates across Reddit, Twitter, and Weibo.
Exchange Reactions and Market Impact
Interestingly, OKEx's predecessor OKCoin was among the earliest exchanges to support BCH, listing it immediately after the 2017 fork. Yet less than six months later, OKEx cited "insufficient liquidity" when delisting all BCH trading pairs.
OKEx isn't alone - KuCoin recently removed BCH trading pairs as well. Forum discussions on 8BTC reveal growing concerns among holders about reduced BCH liquidity.
Bitcoin's Market Dominance Rebounds
Between February and March, BTC's market share recovered to 41% after dipping to 32% in January. This resurgence coincides with BCH's declining valuation against Bitcoin.
Frequently Asked Questions
Q: Why did OKEx delist BCH?
A: Officially due to liquidity concerns, though some speculate regulatory or ideological factors.
Q: Is Bitcoin Cash dead?
A: While struggling price-wise, BCH remains among top 30 cryptocurrencies by market cap.
Q: What's the main difference between BTC and BCH?
A: Primarily block size (BCH allows larger blocks) and development philosophy.
Q: Where can I still trade BCH?
A: Several exchanges like Binance and Huobi still offer BCH trading pairs.
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The Road Ahead for Bitcoin Cash
BCH appears to be losing ground in its challenge against BTC's dominance. As one community member noted: "It's faltering in its battle against Bitcoin Core." The coming months will reveal whether Bitcoin Cash can stabilize its position or continue fading into obscurity.