A recent report from Blockchain analytics company “Chainanalysis” presents that the usage of Bitcoin Cash (BCH) weakens in e-trade activities. During March, total usage of Bitcoin Cash (BCH) coin in online payments was 10.5 million USD. When we compare the May figures for the same year, we observe that the usage has fallen to 3.7 million USD.
Falling price of Bitcoin Cash (BCH) decreases the usage of the token!
Bitcoin Cash is not the only crypto money which has been negatively affected by the latest losses. Bitcoin payments have been decreased to 60 million USD in the May of this year. Last year’s September BTC e-payments was 412 million USD.
The decrease in the figures is most probably related to the price decrease of BTC and BCH. BCH decreased by 75%, and BTC is depreciated by 55%. Senior Economist of Chainanalysis Kim Grauer stated that the decline in purchasing rates leads to a reduction in the BCH adoption rates. Such that there are only two e-wallets with an amount of between 10,000 and 100,000 BCH. Additionally, Grauer assumes that the wealthiest e-wallets send colossal traffic to be used in the trade services.
Coinmarketcap’s BCH (Bitcoin Cash) Ranking
According to the report, although Bitcoin Cash (BCH) price is showing a decline, it is still the fourth most valuable cryptocurrency in the world. BCH has got a market cap of more than 9 billion USD.