Whales get rid of Bitcoin Cash amid rising asset prices

Whales get rid of Bitcoin Cash amid rising asset prices
CONTENT

  • After growing 39% at the end of August, at least 10 whales have left the Bitcoin Cash network

  • The seller’s pressure on Bitcoin Cash is increasing markedly, and the decline in the number of whales is exacerbating this trend

  • BCH community is committed to changing the algorithm as part of the network upgrade

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Whales get rid of Bitcoin Cash amid rising asset prices

The number of investors holding at least $ 3M in Bitcoin Cash has dropped by 10 since early August after the coin surpassed $ 311.

After growing 39% at the end of August, at least 10 whales have left the Bitcoin Cash network, which may be selling their assets worth millions of dollars.

According to the analytical portal Santiment, the number of investors on whose accounts the amount of Bitcoin Cash ranges from 10,000 to 100,000 coins ($ 3-30 million) has decreased by 10 people since August 1. This fall was recorded after a 38.7% rise in digital assets, from $ 224.46 to a high of $ 311.34 recorded on July 31.

Whales get rid of Bitcoin Cash amid rising asset prices

Selling pressure on Bitcoin Cash is getting stronger, and a 5.6% decline in the number of whales only exacerbates this trend..

BCH remains the fifth largest cryptocurrency by market cap at $ 5.6 million. It is followed by Chainlink (LINK), which has a capitalization of $ 4.6 million. By the way, just yesterday LINK overtook Bitcoin in terms of trading volume on the Coinbase platform. BCH is trading at $ 305.43 at the time of writing, up almost 3% in the last 24 hours.

Bitcoin Cash uses the SHA256D algorithm, just like Bitcoin. However, the hashing power is less than 5% of the power in the case of BTC, which makes the network vulnerable to 51% attack..

Against this backdrop, the BCH community is committed to an algorithm change as part of a network update due in November. The developers have already come to a compromise on two proposed solutions to this problem, which can increase the attractiveness of the BCH coin itself..

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