Bitcoin [BTC] and its fork versions have always managed to make headlines. One of its many iterations was Bitcoin Cash [BCH] that has able to claim one of the top spots on the leaderboard.
In the recent development, Bitcoin Cash surpassed its big brother in terms of transaction figures. With this, BCH established a “new economic record” by processing 340,106 transactions on the 7th of March, while Bitcoin’s figures stood at 281,065 on the same day.
In short, Bitcoin Cash processed nearly 60,000 more transactions than Bitcoin on that day. However, it was not until January 2021, when BCH witnessed a sudden jump in the transaction numbers.
Following this stint, BCH figures maintained a steady uptrend and climbed that of BTC’s in March. According to the latest data compiled by BitInfoCharts, this is the first time that Bitcoin Cash’s surge has been consistent.
Zooming out, prior to this, the fork coin had only five other times when transaction figures surpassed that of Bitcoin and all the instances were abrupt spikes and equally abrupt declines.
Bitcoin’s transaction fee has also receded from the recently established ATHs. Previously, the daily BTC transaction fee was fluctuating between $24 and $31. Lately, the transaction fee figures have slowed down potentially signifying that the current bull season has hit a pause.
Besides, Bitcoin Cash’s transaction fee also saw an equally pronounced dip.
Despite fresh challenges over the past few years and emergence of several copycat tokens, Bitcoin [BTC] has reigned as the leader of cryptocurrencies and the market continued to see its rising dominance. Bitcoin Cash [BCH], on the other hand, suffered a significant decline as the crypto-asset was pushed out of the top 10 coins by market cap.
On the price side, Bitcoin finally closed above the crucial resistance level of $50k after a week of sluggish price action. Its fork iteration reclaimed $506-level after a minor market-wide recovery as the new week dawned.