A stress test on the bitcoin cash (BCH) network recently saw it process over 2.2 million transactions in the last 24 hours, as its proponents flooded its mempool with microtransactions on September 1.
The test saw BCH supporters use tools like scale.cash to flood the network in an attempt to see how many it could handle throughout a day. The results, according to Fork.lol data, saw it hit 25.5 transactions per second. In the test’s aftermath the cryptocurrency’s price surged, as it’s currently trading at $628, up 11.75% in the last 24-hour period.
As CryptoGlobe covered, the BCH network recorded over 684,000 transactions in a day a month ago, which helped it surpass bitcoin’s record by 200,000 transactions. According to BitInfoCharts, the stress test saw BCH beat the records of ether and XRP, which recorded a maximum of 1.2 million and 1.5 million transactions in a day, respectively.
The test saw the cryptocurrency’s community pay attention to websites like Txhighway and Txstreet to monitor the transaction volumes in real-time in an animated way. The cryptocurrency, which forked in May to have 32 MB blocks, saw its miners process various 8 MB blocks, with the biggest one reaching 15.2 MB.
During the test, BCH’s transactions fees didn’t surge, and remained at around 1.2 sat/byte through the entire day. As the controversial @bitcoin Twitter account noted, BCH’s transactions accounted for nearly 65% of all crypto transactions thanks to the test.
In the past 24 hours, Bitcoin Cash #BCH has accounted for 64.7% of ALL cryptocurrency transactions.
— Bitcoin (@Bitcoin) September 2, 2018
Despite the community’s current bullish stance, a report published by Bloomberg last month revealed bitcoin cash’s commercial use has dropped from $10.5 million in March of this year to $3.7 million in May. Bitcoin’s use in commerce, as reported, also dropped from a $412 million high in September of 2017, to $60 million in May 2018.
Chainalysis research has suggested the ”concentrated ownership” of BCH may be behind its low adoption in commerce, as 67 wallets reportedly control 56% of all circulating supply. Per Kimberly Grauer, a Senior Economist at the firm, the “wealthiest holders are the ones sending a lot of the traffic to merchant services.”