Bitcoin Cash (CRYPTO: BCH) is trading lower by 6.5% to $632.18 Monday morning, despite a lack of coin-specific news for the session. Shares of several altcoins are trading lower amid a drop in the price of Bitcoin.
Bitcoin is the leading cryptocurrency and often serves as a barometer for the entire cryptocurrency market. When Bitcoin's price falls, it often signals a bearish sentiment in the market, which can lead investors to sell off other cryptocurrencies, including Bitcoin Cash, out of fear or uncertainty.
Additionally, most cryptocurrency exchanges also list Bitcoin as a trading pair for Bitcoin Cash. When the price of Bitcoin falls, it affects the value of the trading pair. Traders may sell Bitcoin Cash for Bitcoin to mitigate losses or to take advantage of potential gains if they anticipate Bitcoin's price will recover faster.