Over the last few weeks, bitcoin cash (BCH) and the network itself have been shining brightly after a year of bearish sentiment and the blockchain split last November. Most notably, this month BCH has shown a significant increase in daily transactions, the price has doubled, and today the network has produced the second highest value of onchain transactions settled in the last 24 hours.
Bitcoin Cash Network Processes More Onchain Value Than Most Blockchains
Bitcoin cash has been on a tear lately and it’s not just the markets that have seen significant improvements. The network itself has shone greatly this month by processing a lot more transactions per day and settling roughly $940 million in onchain value over the last 24 hours. The only cryptocurrency ahead of BCH today is bitcoin core (BTC). BCH has processed 2x more onchain transaction value than ETH and 4x more than LTC. This has been a consistent trend ever since BCH doubled in price not too long ago. In addition to the onchain settlement, cryptocurrency exchanges have been swapping a lot more BCH than they had months prior. Exchanges like Hitbtc, Binance, Coinbene, Lbank, Coinbase, and Huobi are contributing to the $1.2 million in global trades swapped in the last day. Bitcoin cash has also consistently captured the sixth most traded coin by exchange volumes within the entire cryptoconomy for a few weeks in a row.
The BCH network has confirmed roughly $940 million in onchain value over the last 24 hours.
After the blockchain split in November, we mentioned in our Q1 BCH markets and network report that the Bitcoin Cash hashrate was recovering after the overall hashrate dropped below one exahash per second in the middle of December.