Bitcoin Cash and its entire network has been shining so bright over the last couple of weeks. This comes after a full year of bearish sentiment as well as the blockchain split that was witnessed in November 2018. One of the notable things is how Bitcoin Cash has shown great increase when it comes to its daily transactions in this month alone. In addition to that, the price has doubled and the network has released to the market the second highest value of on chain transactions. These have been settled just in the past 24 hours.
The Network Of Bitcoin Cash Processes More Onchain Value As Compared To A Number Of Other Blockchains
Just recently, Bitcoin Cash has been on a tear. It is also very important to note that not only the markets have witnessed the significant improvements. The network has really soared in the recent past. This month alone, BCH has settled an approximately $940 million in terms of onchain value just in the past 24 hours. The number of transactions that the network processes on a daily basis has also greatly increased. Today, Bitcoin Core is the only virtual coin that is right ahead of Bitcoin Cash in terms of the processed on chain value. Bitcoin Cash has processed two times more onchain transaction value than Ethereum. It has also processed four times more than Litecoin.
More Exchanges Swapping Bitcoin Cash Than Ever
Ever since Bitcoin Cash doubled in price not too long ago, this has been the trend. There is also other things that have been happening apart from the onchain settlement. The crypto exchanges have been swapping a lot more Bitcoin Cash than they had in the past months. Exchanges are contributing to the $1.2 million in international trades that are swapped just in the past 24 hours. The exchanges that are involved in this case include popular ones such as Huobi, Coinbase, Lbank, Coinebene, Binance, and Hitbtc. BCH has also been positioned at the sixth position among the most traded coins by exchange volumes in the whole cryptoconomy. This has been the case for some couple of weeks now.
Increased Development And Transactions
Since the price of this coin jumped with over 90%, its usage has really gone up. This is because there has been a high number of new projects that are meant to enhance real-world use. The daily transaction data of the whole Bitcoin Cash has also significantly increased towards the end of last month and the beginning of April. In most occasions this week, the entire number of Bitcoin Cash transactions has gone right beyond that of other coins like Dogecoin, Litecoin and Dash. On Thursday, the 18th April 2019, Bitcoin Cash chain processed transactions that were recorded to be 41,852. In addition to all that transaction, the crypto processed close to 1,750 in a single hour.
Bitcoin Cash also has an SMS-powered wallet that is known as Cointext and works equally well. It allows permission-less access to the borderless cash by enabling g the users to text BCH to any mobile phone. It is now in 42 countries.