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.
“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.”