Bitcoin-Cash-Sees-Massive-Number-of-Transactions-Nearing-1-4-Billion-in-the-Last-24-Hours

Bitcoin Cash Sees Massive Number of Transactions, Nearing $1.4 Billion In The Last 24 Hours

After the hard fork in the middle of November, Bitcoin Cash has been divided into the ABC and the SV blockchains. The goal of the fork was for one of the blockchains to become the dominant ledger, but that was about a month ago. Over the course of that month, there has been support of both sides, but reports from multiple news outlets yesterday seem to indicate that Bitcoin Cash ABC has been deemed the primary ledger, awarding it the original Bitcoin Cash ticker – BCH.

It can’t possibly be a coincidence that Bitcoin Cash is now seeing big numbers for transactions on their ledger. According to the latest data, there has been 13.6 million Bitcoin Cash moved on the blockchain in just the last 24 hours. Based on the current price of BCH, that makes the volume worth approximately $1.4 billion.

Typically, BCH hangs back behind ETH in their daily transfer volume, but today is an exception. Instead, it has moved seven times the amount of ETH in 24 hours, which also comes up to just under half of Bitcoin’s volume. Presently, those numbers are based on a fraction of the total supply though – 2.7% of ETH’s total and 6% of Bitcoin’s total. However, for BCH, that number is based on 38.8% of the supply being moved.

So far, there’s been no suggestion of a spam attack or a test run that is creating these numbers, according to TrustNodes. However, they suggest that Coinbase could be a stimulant, based on their decision to move funds “to provide enhanced security and protection for our customers,” according to a recent announcement. Another suggestion is that the Bitcoin Cash fork could be created double counting of the same funds.

TrustNodes noted,

“BSV devs have stated they will add replay protection, but they might lack the skills to do so quickly. In any event, for something like Coinbase it would probably be best to cleanly split them, which is probably what is happening here.”

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $160.04B $9,010.4081 3.83% $5.33B
ETH $28.92B $271.5211 2.22% $1.72B
XRP $17.82B $0.4192 2.49% $540.72M
LTC $8.47B $136.1482 1.11% $791.24M
BCH $7.64B $428.4929 1.79% $230.12M
EOS $6.44B $7.0006 3.46% $744.86M
BNB $4.61B $32.6512 2.06% $255.12M
BSV $3.78B $212.1414 -0.29% $119.3M
USDT $3.45B $1.0042 -0.14% $4.9B
XLM $2.48B $0.1276 0.95% $83.62M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.