Following a 39% price surge at the end of July, at least 10 Bitcoin Cash whales have left the network
According to longtime crypto user Ali Martinez, based on data from analytics site Santiment, the number of whales holding between 10,000 and 100,000 Bitcoin Cash – around $ 3 – $ 30 million – has been down ten since August 1. The drop comes after the token surged 38.7% from $224.46 on July 17 to a three-month high of $311.34 on July 31, implying that a number of whales could have sold their holdings.
Since Aug 1, roughly 10 whales have left the network, representing a 5.6% decline. pic.twitter.com/uriR5j8K8q
— Ali Martinez (@satoshilatino) August 7, 2020
The number of Bitcoin Cash whales dropped by ten since August 1 following the price surge to more than $ 311
BCH continues to be the fifth largest crypto asset by market cap at $ 5.6 billion, with Chainlink (LINK) trailing behind at $ 4.6 billion. At press time, Bitcoin Cash is trading at $ 307.84, up 3% over the past 24 hours.
Bitcoin Cash uses the SHA256D algorithm – the same algorithm used by Bitcoin. However, its hashing power is 5% lower than that of Bitcoin, which sometimes makes it vulnerable to a 51% attack.
In response, the BCH community floated the algorithm change as part of the network’s November upgrade. Cointelegraph reported on August 7 that developers had found a compromise between the two proposed solutions. The network will perform an ‘Aserti3-2d’ difficulty adjustment recommended by leading BCHN maintainer Jonathan Toomin and an infrastructure funding plan.