Despite its currently depressed valuation, ETH has achieved price stability, while BCH keeps weakening.
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Ethereum (ETH) now trades higher than Bitcoin Cash (BCH) after the weekend saw a dramatic decline in BCH prices. ETH remains the coin with the larger market capitalization and a higher trading price.
While ETH is still looking shaky under the $100 level and could not even hold onto the $90 tier, BCH is under pressures that could drag it still lower. The price started to sink again on Monday, sliding to $83.32, and competition with Bitcoin SV (BSV) may continue in the new week.
At the same time, ETH experienced less change, hovering around $86.81. The new, subdued price position for BCH comes after Litecoin (LTC) overtook it by market capitalization.
While Ethereum itself is seen as a weakening coin, the Bitcoin Cash project went through unexpected consequences following the November 15 hard fork. Instead of going forward smoothly with a relatively minor update, BCH saw its markets rearranged, losing as much as 75% of its value in the process.
The price anomaly offers no clues about the success of Ethereum. The network itself seems to be in decline, with skeptics pointing out that distributed apps find no users, and the hashrate has been sliding since October.
But BCH also failed in its intended “flippening” of the BTC price despite briefly peaking above $3,000 thanks to active speculation on the Korean markets. Now, the BCH price is highly dependent on Bitcoin and may be the object of concerted market manipulation since BSV owners may dump their BCH holdings to prop up their own coin.
As for ETH, more than 44% of its volumes are supported by Tether (USDT), allowing for direct speculation in dollar-like positions.
The recent changes in price positions altered the balance among top 10 coins by market capitalization. USDT climbed as high as number 4, and BCH together with BSV may be on their way out of the top 10.
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SOURCE (https://cryptovest.com/news/ethereum-eth-marks-first-victory-over-bitcoin-cash-bch-on-price/)