Bitcoin Cash outperformed Litecoin and Ethereum Classic in this category

  • Bitcoin Cash ranks higher in decentralization than Litecoin and Ethereum Classic.
  • BCH whales have rebounded during the recent crash.

Bitcoin cash [BCH] was for the most part overshadowed by its more popular counterparts. Nevertheless, it has managed to maintain a significant following, and it is perhaps the most underrated cryptocurrency in terms of decentralization.

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Bitcoin Cash is doing quite well in terms of decentralization. A higher hash rate is often considered a good measure of decentralization for PoW networks and also translates into higher network security.

The hash rate of BCH has been above the level of 1 EH/s for the past three months. The hash rate at the time of writing was as high as 1.78 EH/S.

Source: CoinWarz

For context, 1 UH/S is a million times more than 1 TH/S. Litecoin’s latest hash rate came in at 716.06 TH/s, while ETC’s hash rate was 107.13 TH/s at the time of writing.

This means that Bitcoin Cash outperformed Litecoin and Ethereum Classic in terms of hash rate. Despite these findings, Bitcoin Cash’s hash rate is lower than Bitcoin’s 355.37 EH/S hash rate, hence BTC is still king in that regard.

Still, Bitcoin Cash has a larger block size than BTC, and this allows for a higher TPS. This is why BCH is a more preferred option as a peer-to-peer payment than Bitcoin for some.

Bitcoin Cash price action

BCH is still heavily undervalued compared to BTC, but both have similar circulation and maximum supply.

Bitcoin Cash was trading at $114.16 at the time of writing, which represented a 25% discount from its February highs. Nevertheless, it still showed a bit of an advantage over the current weekly low of $105.05.

Bitcoin Cash price action

Source: TradingView

BCH’s price action mirrors movements in the overall crypto market. But is Bitcoin Cash more likely to make a significant recovery? So far, the recent pivot has been supported by significant whale accumulation.

How much are 1,10,100 BCHs worth today?

Whales in the highest address category with over 1 million BCH have replenished their balance. The same applies to addresses within the 1,000 to 100,000 BCH category. These addresses have increased their positions since March 9, buying into the dip.

Number of whale transactions in Bitcoin Cash

Source: Sentiment

Despite the accumulation, addresses within the 100,000 to 1 million BCH category have contributed to some selling pressure.

This could explain the limited benefit. Bitcoin Cash’s dormant circulation statistic indicates that a significant portion of the cryptocurrency has changed hands during the recent sell-off.

Bitcoin Cash transaction volume and dormant circulation

Source: Sentiment

On the other hand, transaction volume on March 9 indicated an increase in activity. This observation confirmed the inflow of buying activity observed as the price bottomed out.

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