According to the Bloomberg report yesterday, it mentioned the analysis report from company ‘Chainanalysis’ which specialises in the blockchain analytics. The report by the analysis experts mentioned Bitcoin Cash decreasing from around $10 Mln in March to around $3.5 Mln in May. In an interview with bloomberg, the senior analyst at Chainanalysis ‘Kim Grauer’ stated that there are few users and a fewer holders of Bitcoin Cash ‘BCH’ now.
This year, the BCH value dropped more than 70% whereas the price of Bitcoin ‘BTC’ is down to more than 50%. Grauer sees “concentrated ownership” as the main reason for the low BCH’s adoption rate because nearly around 55% of the digital currency is controlled by sixty seven wallets that don’t seem to be listed on any exchanges.
Mentioning further she said:
“ It looks like the wealthiest holders are causing a great deal of the traffic to merchant services.”
BCH appeared after a year via the hard fork of the bitcoin blockchain. with causing a lot of controversy around the digital ecosystem. Stating the importance of this fork, the vice president at BTC.com stated:
“The ability to create forks whereas keeping the community aligned was an excellent achievement. By providing abundant larger information bandwidth per block by increasing the initial 8MB block to 32 MB provided extra space which is quite what’s required in the present time without any delay. However BCH appears to be trying ahead and preparing methods for high volumes of traffic. The larger block size conjointly permits BCH to store additional data in every group action, giving the blockchain house to put in writing sensible contracts on-chain at low prices.”
During the time of reporting Bitcoin cash is traded at $521.92 USD which is 4.59% lower than yesterday holding its position firmly at fourth position as per MarketCap.