Bitcoin Cash (BCH) Beats Bitcoin (BTC) Network Activity in “Transaction Flippening”
Despite the record mining power of Bitcoin, Bitcoin Cash transactions got an unexpected boost in transaction activity.
Suddenly, sending and receiving Bitcoin Cash (BCH) is all the rage, as the first Bitcoin (BTC) fork had a sudden spike in transactions that overshadowed the leading chain. According to recent data from Bitinfo, the level of BCH transactions reached more than 684,000 in 24 hours, about three times the level of BTC activity. Based on Blocktivity latest data, BCH has reached up to 712,517 transactions in the past 24 hours, an absolute record which placed BCH behind Ethereum.
https://twitter.com/Bitcoin/status/1024948128938487808
The spike in transactions follows the anniversary of the BCH hard fork, the most contentious split of the network, which caused concerns of potential problems. But since August last year, BCH managed to survive, reach price records around $3,500, and preserve some of the gains at the current levels below $800.
https://twitter.com/BitcoinCom/status/1024445888255721472
Talks of a price flippening have been abandoned a long time ago, as BCH never managed to get ahead of BTC in market prices. But the record and unprecedented flippening in 24-hour transactions indicates the ambitions of the Bitcoin Cash project are still strong, and there is a willingness to compete with Bitcoin.
At this point, the Bitcoin network is seeing relatively low usage, as mainstream enthusiasm is lower, and most of the activity happens on exchanges.
The recent transaction spike is not indicative of future activity, and already other tools show a lag in activity, according to the visual tool TXStreet. Skeptics recall that in the past few days, Bitcoin Cash has had temporary transaction spikes, but on usual days, without a concerted effort, levels are much lower, sometimes outstripped by DogeCoin activity.
The BCH market price remained relatively stagnant at $752.53, sliding from a peak of $1,779 in a constant bear market for the past three months, with thinning trading volumes. Transaction speeds are only one indicator of a coin’s performance and may be one-time anomalies not revealing the real usage and value of the network.
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