Saturday’s edition of The Daily builds upon some of the stories that have been developing all week. The last few days have been action-packed, with the coming Bitcoin Cash upgrade dominating the news cycle. We’ll take a look at how BCH has been faring as a payment network compared to Litecoin, and also check in on the health of decentralized exchanges in the wake of Etherdelta’s SEC smackdown.
Bitcoin Cash Maintains Higher Onchain Volume Than Litecoin
Cryptocurrency analytics site Coinmetrics.io has shared a side-by-side comparison of how the Bitcoin Cash (BCH) and Litecoin (LTC) networks have been performing since the start of the year. The chart shows that since April, BCH has outstripped LTC for onchain volume, when expressed in dollar terms. “From May 2018 onwards, Litecoin went into relative disuse while Bitcoin Cash’s usage remained robust,” tweeted Coinmetrics.
BCH is shown in blue alongside LTC in grey
By July, litecoin’s onchain volume had dropped to around $60 million per day, while bitcoin cash was recording over $170 million. The data, which has been adjusted to remove the BCH stress test that may have otherwise skewed things, show’s litecoin’s volume to have plummeted sharply from October, while BCH’s surged towards the $200 million mark, aided by renewed interest due to the forthcoming Nov. 15 fork.
Troubled Times for Decentralized Exchanges
The SEC’s decision to penalize Etherdelta founder Zachary Coburn for selling unregistered securities on his decentralized exchange (DEX) has given other operators pause for thought. While DEXs, like all cryptocurrency exchanges, have been monitoring the regulatory climate closely for some time,