There is no doubt that bitcoin is the most stable cryptocurrency. This is perhaps because it is the first digital currency on the market. Most people who are into cryptocurrency trading prefer Bitcoin, and the results are remarkable. The end of the third quarter of the year is approaching, and according to the Bitcoin Cash Network (BCH) and markets, the value of Bitcoin cash has increased extraordinarily.
(Photo Source: Forbes)
Towards the end of the second quarter of 2019, BCH prices reached a high figure of $522 per coin with the current price of $470 per Bitcoin indicating a 213% rise in price. At the same time, the Bitcoin network and infrastructure is getting stronger since the beginning of November 2018. At this rate, the Bitcoin cash network seems to be headed for a whole new level.
The Bitcoin cash market has shot up by over 200% since the beginning of the year
One of the major reasons why the Bitcoin market is getting stronger daily is because of the pushing for widespread acceptance of Bitcoin by the Bitcoin cash advocates. While they are pushing for global acceptance, developers on the other hand are working on strengthening Bitcoin’s infrastructure. The BCH reported that the Bitcoin cash market made a gain of 213% this year, and with the way things are going, the rate will keep on rising.
The market price of a single bitcoin at the moment is $470, meaning that the entire BCH market is valued at $8.4 billion. This figure indicates a huge increase compared to the 2018’s bear market blues which worsened even more with the November 2018 BCH chain split. You can now buy and sell Bitcoin on several sites like Nakitcoins. Other platforms that record high daily Bitcoin exchange include HitBTC, Binace, Coinbase, and Digifinex.
BCH onchain transactions are increasing at a steady pace
Today, the Bitcoin cash community records daily transactions amounting to 66,000, an increase from the 8,392 transactions per day recorded on January 1st. This means that the onchain transactions have gone up by a whopping 686%, and who knows what the figure will be by the end of the year. For the first two quarters, the average daily transactions amount to 25,000, indicating a 197% increase.
We currently have several forms of digital currencies. While it is hard to differentiate the on-ratio because of these many digital currencies, information from several sites indicate that Bitcoin is still way ahead of these other currencies. As of today, only ETH is ahead of Bitcoin regarding the highest onchain transaction quantity.
UTXO set and hashrate increase
It is not only the onchain transactions that have increased since the Unspent Transaction Outputs (UTXO) has seen a rise too. The value of the BCH market keeps on rising. Some people are even attributing the rise to the UTXO sets. Since the beginning of September 2018, there has been a considerable growth in the UTXO sets alongside growth in the BCH market valuation and hashrate. The hash rate has gone up by 66.6% since January 1st.
The November 2018 Blockchain split affected the BCH hashrate, but now miners have double the processing power from 1.3 exahash per second (EH/s) to 2.6 EH/s. There now exists 12 Bitcoin cash mining pools operating at various hashrates. It has been two quarters already and the Bitcoin cash market has increased extraordinarily. Let’s wait until the year’s end to see what the BCH market can achieve.
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