Coin almost everyone forgot is extremely popular among whales, but there’s a silver lining
The number of whale-tier transactions is an important metric that can be useful when tracking a certain asset’s performance. However, as assets solidify their placement on the market, we usually see a descending tendency in the overall number of transactions, but the data on this coin shows that whales shovel massive amounts of coins around to this day.
According to IntoTheBlock’s data, Bitcoin Cash is one of the most actively transferred cryptocurrencies among whales as the overall number of large transactions on it reaches 14,427 in comparison to Bitcoin’s 6,428.
Other on-chain and market metrics for Bitcoin Cash are very similar to Bitcoin’s, including the percentage of holders in profit, holder composition and overall price performance. However, the volume and number of whale-tier transactions is what really makes Bitcoin Cash stand out in comparison to its competitor.
As the data suggests, more than $27.3 trillion worth of transactions greater than $100,000 have been made on the Bitcoin Cash network, easily beating Bitcoin’s $35 billion. Such a large difference may be the result of a funds distribution or any other operation that would synthetically increase the transaction volume on the network.
However, the answer to the abnormally large whale-tier transactions volume can be found in the percentage of large BCH holders. Almost 70% of the network is owned by whales, which makes almost every transaction on the blockchain related to them. Bitcoin, on the other hand, has only 9% of whales controlling the network.
At press time, Bitcoin Cash is trading at $101 with an insignificant 0.03% price change in the last 24 hours.
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