• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Most Bitcoin Cash Holders Spends Funds Within Six Hours Receiving it

newsbtc by newsbtc
3 years ago
in Bitcoin
Reading Time: 2min read
Advertisement

Now that Bitcoin Cash has been around for a while, the first statistics have come to light. An analysis by Chainalysis paints a pretty interesting picture for BCH. Most of the transaction volume comes from now coins. A lot of BCH is spent within six hours of being held. Not an ideal store of value by any means, although that isn’t surprising. Speculation is the driving factor for the current BCH price, that much is rather evident.

There are a lot of different opinions regarding Bitcoin Cash these days. Not everyone is in favor of this altcoin, for obvious reasons. Moreover, its value seems to be even more speculative than that of Bitcoin right now. That is one title no other cryptocurrency would like to have right now.Moreover, people don’t seem to like holding BCH for long. With most new coins being spent within six hours, it is not a store of value by any means. This begs the question as to what Bitcoin Cash is suited for exactly.

Bitcoin Cash is a Speculative Tool

At the same time, the daily transaction volume seems to be going up. There are some spikes and dips, but overall, there is steady growth. A positive development for an emerging altcoin. Chainalytics didn’t indicate what the coins are being spent on, though. Moving funds to and from exchanges appears to be the main purpose right now. This also explains why 70% of BCH have a limited coin age. One in five coins is less than a month old right now. Moreover, 80% of coins spent after the fork was acquired within six hours.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the mining front, things are a bit different. While miners have been able to abuse the mining difficulty algorithm on demand, most miners tend to keep their coins. Around 45% of coins are still unspent, compared to 33% for Bitcoin. The positive effect is how it is difficult to sell Bitcoin Cash right now. However, if there is not enough demand, none of it really matters. Right now, demand comes from Bithumb, but that volume is drying up pretty quickly.

It is evident Bitcoin Cash still has a lot to prove at this stage. Day traders benefit the most from this altcoin. This will eventually lead to even more volatility, which isn’t necessarily good or bad. New coins brought in circulation will be spent pretty quickly. It will be interesting to see if the upcoming hard fork changes this procedure in any way. Until BCH is used for regular transactions, the majority of the volume relates to trading and mining. How this will affect the BCH price, remains to be determined.

Header image courtesy of Shutterstock

Tags: BCHBitcoin CashBitcoin Newsspeculation
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

10 hours ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

22 hours ago
bitcoin btc

Bizarre Bitcoin On-Chain Correlation With Fear And Greed Index Discovered

1 day ago
Bitcoin Makes a Go at $40,000 amid “Risk-Off” Trade

Bitcoin Makes a Go at $40,000 amid “Risk-Off” Trade

2 days ago
bitcoin crime

Iconic Trader Warns Bitcoin Holders Of Executive Order Banning Gold

2 days ago
Bitcoin Drops After Record-Setting Rally; Is Bearish Bias Returning?

Bitcoin Drops After Record-Setting Rally; Is Bearish Bias Returning?

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.