The major digital currency encountered a highly disruptive day in recent times, impacting altcoins more severely. Following a considerable downturn that left some investors rueful about their decision to buy during the dip, certain cryptocurrencies witnessed losses exceeding 50% over a three-month period. Despite hitting a three-month low, a prominent altcoin is demonstrating intriguing indications.

Bitcoin Cash (BCH)

Bitcoin Cash Price Plunge: Bitcoin Cash nosedived to a three-month low, hinting at the possibility of deeper declines. Remarkably, there was a significant surge in mining power (hashrate), with CoinWarz data revealing an uptick to 8.54 ExaHash (EH/s). This level was last experienced in November 2018, reaching 7.79 EH/s.

While the price descended to a three-month low, mining difficulty soared to an all-time high (ATH). A higher hashrate bolsters network security. The recent interest from miners could be viewed as a positive signal for Bitcoin Cash. However, the prevailing negative sentiment in the broader market disrupted the balance.

As per insights from The Bitcoin Cash Podcast, the surge in hashrate can be attributed to a miner named Phoenix. This miner consistently fortifies its operations and retains a substantial portion of the freshly minted BCH supply.

"A miner accumulating a large quantity of coins (or being aware of others who do so) might exhibit a bullish stance towards BCH trading (150+:1 BCH: BTC, indicating a bullish trend for original miners transitioning to BCH) and may intend to acquire additional supply."

With numerous devices turning unprofitable following the BTC halving, an escalation in interest towards alternative networks was anticipated (particularly with the cessation of ETH mining). Nonetheless, the strong demand for BCH came as a surprise.

BCH Price Prediction

Currently lingering around $357, BCH witnessed a drop of over 5% in the last 24 hours. Similar to other altcoins, BCH's price performance mirrors that of Bitcoin. Data from IntoTheBlock highlights a robust correlation between BTC and BCH, standing at 0.9, denoting an incredibly high correlation level.

The formation of a death cross subsequent to testing $476 on June 10, coupled with the breach of the $423 support level, raises the risk of a decline to $317.79. However, a rebound to $415 could materialize if BTC manages to recapture $60,000.

• Bitcoin Cash’s hashrate surged amidst a substantial price decline.
• The recent spike in miner interest signifies a positive outlook for BCH.
• BCH's price movement is intricately linked to Bitcoin’s trajectory.