Bitcoin Cash was once proclaimed to be the better version of Bitcoin. Dethroning the world’s leading cryptocurrency is a big challenge, and no one has been able to do so. For BCH supporters, it is evident the project is losing a lot of ground lately, and may never recover.
Dwindling Bitcoin Cash Dominance
Similar to other “top” cryptocurrencies, Bitcoin Cash has its own dominance index compared to all other assets. It has been a wild ride when the forked network launched, although the downtrend has been painfully evident ever since. At its peak, BCH managed to achieve 10% market dominance, but that was never long-lived. Since hitting that peak, the index has dropped to a new all-time low, currently at 1.31%.
A rather interesting trend, considering how the previous low was recorded quite some time ago. In fact, things seemed to be improving since March of 2019, but there was never any sustainable momentum to speak of. The smallest uptrend was pushed down time and time again. Recovering from this deficit will not be easy by any means, as Bitcoin Cash has virtually nothing going for it right now.
Looking at the network hashrate, it is on the verge of dropping below the BSV mining rate. That would certainly be an interesting development, albeit not a good one for this project. With just 1.7% of the entire “Bitcoin” hashrate under its control, there is little interest in mining BCH. Considering how it is 5.8% more profitable to mine Bitcoin, miners will not switch over in the near future either.
Transactions Dry up for BCH and BSV
Perhaps the most telling statistic is the number of BCH transactions. According to Coin.Dance, Bitcoin SV has 0 transactions in the past 24 hours. That seems a bit odd, although the network has been losing ground fairly quickly.
What is of greater interest is the number of BCH network transfers. This figure is not looking all that great either at this time. With 16,730 transactions compared to Bitcoin’s 287,400, it is not hard to figure out who is effectively leading the pack. Another big difference to overcome, assuming Bitcoin Cash can even succeed in noting more transactions in the near future.
One has to wonder why there is a sudden disinterest in BCH. Tim Draper recently indicated on Twitter how he had purchased this altcoin. While no further details were provided, such news would usually be beneficial to the network. So far, there has been no impact on the network whatsoever.
There are also lingering questions as to whether this Tweet was genuine, or someone abusing Draper’s account. The message has been deleted ever since.