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- 1 Bitcoin cash has observed a decline of $200 Million from April to May 2024.
- 2 BCH is trading near the value of $469 with a 0.08% drop in the last 24 hours.
Bitcoin Cash is a peer to peer electronic cash system which aims to be the global money with the fast payments, micro fees and larger block size. Bitcoin cash is the hard fork of Bitcoin blockchain due to the difference in community between the block size and the segwit upgrade. Bitcoin cash has a block size of 32MB while the BTC has a block size of 1 MB.
Bitcoin Cash is secured by the Proof of work consensus mechanism. It has a blockchain size of 202.6 GB with a TPS of 0.16s. Bitcoin Cash protocol has a network difficulty of 532,525,031,419 with a media transaction fee of $0.05. It has a hash rate of 3.97EH/S with a total of 158 transactions in the pool. Bitcoin cash has been seeing a stagnation in the overall transaction and active users.
BCH Inflows to Exchange Decline, Bulls Ready for a Run?
Bitcoin cash has a total supply of 21 Million in which 93.8% of the supply is circulating in the market. BCH has a total holders of 17,123,166 in which 28.4% is held by the top 100 holders. The holders which have less than 0.5% of the total supply has seen a strong outflow in the last 7 days.
Source:BCH held in exchanges By Chainalysis
The BCH token held in the exchanges has observed a decline and is near $3.7 Million The BCH inflows in the exchanges is 7.67k BCH which is below the 180 day average. Meanwhile, illiquid BCH experienced the largest one-week increase in 6 weeks, increasing by 40.49k BCH to 16.83 Million.
The whales holding the BCH have seen no change in their holdings. The investors and retailers observed a slight decline in their overall supply in the last few weeks.
Source: OI by CoinGlass
The overall Open Interest (OI) of Bitcoin cash has been steady from the last few days. The funding rate of the BCH has remained constant in the last few weeks.
Are Bitcoin Cash Bulls Ready ready for a Run?
Bitcoin Cash has a market cap of $9.2 Billion and is ranked 16th in the CMC. It has a VM ratio of 0.02 with a surge of 2% in the overall volume. BCH is trading near of $470 with a slight gain intraday.
Bitcoin cash price is in a weak consolidation range. It is trading below the 50 and 100 day EMAs which could act as resistance for the price. BCH uptrend could halt near the $550. Meanwhile, the support of the asset price could be observed near $400. The RSI of BCH is currently near 49 with no slope. The overall sentiment of the RSI is neutral.
Conclusion
Bitcoin cash has been declining in the overall transactions and active address. Overall BCH OI has observed a decline along with the transactions. BCH token price is currently trading in a constant range but could mark a new high in the future.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
