Bitcoin Cash outperformed Litecoin and Ethereum Classic in this category

by James · March 13, 2023

Bitcoin Cash ranks higher in decentralization than Litecoin and Ethereum Classic.
BCH whales have re-accumulated during the recent crash.

Bitcoin Cash [BCH] have been overshadowed by their more popular counterparts for the most part. Still, it has managed to retain a significant following and is perhaps the most underrated cryptocurrency when it comes to decentralization.

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Bitcoin Cash is doing pretty well on the decentralization front. A higher hash rate is often considered a good measure of decentralization for PoW networks, and it also means higher network security.

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

Source: CoinWarz

For context, 1 EH/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 press time.

This means that Bitcoin Cash surpassed 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, therefore BTC is still king in that regard.

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

Bitcoin Cash price action

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

Bitcoin Cash was trading at $114.16 at press time, representing a 25% discount from its February peak. Nonetheless, it still showed some upside from the current weekly low of $105.05.

Source: TradingView

BCH’s price action reflects movements in the overall crypto market. But is Bitcoin Cash more likely to make a significant return? So far, the recent turnaround was underpinned by significant whale accumulation.

How much is 1,10,100 BCH worth today?

Whales in the highest address category with over 1 million BCH have added to their balances. The same applies to addresses within the 1,000 to 100,000 BCH category. These addresses increased their holdings since March 9 and therefore bought the dip.

Source: Sentiment

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

This may explain the limited upside. Bitcoin Cash’s dormant circulation metric indicates that a significant amount of the cryptocurrency changed hands during the recent selloff.

Source: Sentiment

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