Bitcoin Cash (BCH) has recently experienced a dramatic increase in the number of transactions being processed on its network. Charts from Bitinfo show that the BCH blockchain recorded over 684,000 transactions in the last 24 hours, which is roughly three times more than those processed by the Bitcoin (BTC) network during the same time period.
@Bitcoin confirmed the new record for Bitcoin Cash while pointing out that the most dominant Bitcoin fork had executed “about 200,000 more [transactions] than BTC has ever processed.”
Notably, the sudden spike in BCH transactions has come just a day after its 1 year anniversary.
Due to arguments in the Bitcoin community last year over block sizes and how to effectively address the flagship cryptocurrency’s scalability problems, Bitcoin Cash was created on August 1st, 2017 via a hard fork off of the Bitcoin (BTC) blockchain. Since then, BCH’s price has fluctuated considerably, reaching its all-time high of nearly $3,800 when the market capitalization of the crypto market briefly surpassed a record $800 billion, according to data from CryptoCompare.
No “Price Flippening”, But Temporary “Transaction Flippening”
Currently. BCH is trading at only around $725 but this can be attributed to the significant decline in the overall prices of almost all major cryptocurrencies. Also, despite BCH’s price being down about 2% in the last 24 hours, the number of transactions on its network have increased from a tiny average of 20,000 per day to over 684,000, as mentioned.
At present, the reason behind this sharp increase in BCH transactions is not known however, it could be due, in part at least, to its 1 year anniversary.
When Bitcoin Cash was born, many of its strong supporters had predicted that there would be a “price flippening”, meaning that BCH would overtake Bitcoin (BTC) to become the most valuable and dominant cryptocurrency.
Given that BCH’s current market capitalization is only around $13 billion, which is merely about 10% of BTC’s $130 billion, it now seems high unlikely that the controversial Bitcoin fork will surpass the flagship cryptocurrency.
