Bitcoin cash, BCH proponents have recently been deliberating on the amount of value that participants send onchain. For a while now reports indicate that the BCH network has been moving more money than the ethereum network in terms of USD value that is sent per diem. This is cited due to the network’s fees which enable a big number of people to choose to remit their funds onchain with bitcoin cash network.
As of current, the blockchain that moves the second-highest amount of value every day has been ranked and named to be BCH. This follows the network’s maintenance of the crypto space week-over-week for a while now. Peter Ryan, who is the founder of Ryan research, undertook a comprehensive report on the transaction volumes.
The analysis explains that “while bitcoin cash might be fifth by market cap, its transaction volume is as of current the second.” He continues to say, “around mid-may, that volume started to really hike and exceeded USD 2 billion per day.”
It is now estimated that bitcoin cash is as of current outdoing ethereum in as far as money sent onchain and data is concerned. A good example is noted indicating that on October 7, the BCH chain sent USD 375 million in value while ethereum send a meagre USD 249 million. This situation has been persistent through the months of August and September, following Peter Ryan’s analysis, which was done back in the summer.
On some occasions, BCH sent considerably more value than other blockchains in the last few months. For instance, on August 29, BCH sent 140% more than the ethereum network with a record USD 821 million sent onchain whereas the remittances for the ethereum network recorded only USD 342 million that day.
Despite critics, BCH continues segue in its daily usage and gets a rough average amounting to 40000 transactions per day. On September 2, the BCH chain recorded a new record of 660156 transactions that were undertaken in a single day. Investors, traders and enthusiasts of the BCH chain have acclaimed the fact that the Bitcoin cash network is the second most valuable blockchain, and it is believed by many that things are just getting started.
An enthusiast is noted to have commented on Reddit saying, “sounds great, but these transaction levels are nothing like the future we are approaching, it is very exciting.” This achievement of the BCH has been making its enthusiasts very jovial, especially the fact that it had surpassed ethereum in terms of the USD moved daily since the spring of 2019.