Bitcoin Cash, the altcoin that gained popularity in the weeks following the SegWit2x fork, has seen a significant drop in value over the past week, according to CoinMarketCap data.
The cryptocurrency, which was launched on August 2, is now trading at less than $1,500 per coin.
This is less than the price it earned in late July, but still considerably less than its original $5,000 valuation.
“It’s hard to say what will happen with this altcoin.
It’s a hard sell,” CoinMarketCoast founder Jeff Garzik said in a post on Monday.
“It’s worth noting that Bitcoin Cash had a strong run at $1k on August 4.
That’s because it had a good rally on August 5 when the news of SegWits hard fork broke, and it was the second highest price on CoinMarket.com.”
CoinMarket cap data shows Bitcoin Cash was valued at $5.8 billion on August 10.
Bitcoin Cash has been trading at over $7,500 a coin on the CoinDesk Bitcoin Cash price index, and CoinMarket Cap data shows it is trading at around $7 million.
Bitcoin is the second largest cryptocurrency after Ethereum.
The drop in Bitcoin Cash’s value is significant because the altcoins price fluctuates with market conditions.
CoinMarketcap data shows the Bitcoin Cash/USD pair has dropped in value in recent weeks, with the pair trading at $8,000 a coin in mid-July.
As Bitcoin Cash gains traction, so has the price of altcoins that use the Segwit2x hard fork.
It has been unclear if the fork will be successful or not, but it has been seen as a step forward for Bitcoin Cash.
The fork was planned to bring the two competing altcoins together, but the hard fork has now been scrapped due to Bitcoin Cash losing support.
The Segwit fork was intended to bring together the Bitcoin and Ethereum networks, which have been battling each other for the past two years.
However, some altcoins, including Litecoin, have not accepted the Segwit2X fork.
The Segwit3x hardfork is the third proposed altcoin, and will be used by Litecoin and others.
Bitcoin Cash and Segwit 2x altcoins have a history of conflict, and the price fluctuations have also led to coin-wide trading bans.
Bitcoin and Segwitt2x have also been subject to large price swings.
Bitcoin, Litecoin , and many other altcoins were the first altcoins to support Segwit.