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 BCHvaluedropped more than 70%whereas the price of Bitcoin ‘BTC’ isdown to more than 50%. Grauer sees “concentrated ownership”as themain reason for the low BCH’s adoption rate becausenearlyaround 55%of the digital currency is controlled bysixty sevenwallets thatdon’t seem to belistedon any exchanges.
Mentioning further she said:
“ It looks like the wealthiest holdersarecausinga great dealof the traffic tomerchantservices.”
BCH appeared after a yearvia 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 abilityto createforkswhereaskeeping the community aligned wasan excellentachievement. By providingabundantlargerinformation bandwidthper block by increasing theinitial8MB block to 32 MB provided extraspace whichisquitewhat’srequired in the present timewithout any delay.HoweverBCHappearsto betrying ahead andpreparingmethodsfor high volumes of traffic. Thelargerblock sizeconjointlypermitsBCH to storeadditionaldataineverygroup action, giving the blockchainhouseto put in writingsensiblecontracts on-chain at lowprices.”
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.