Bitcoin Cash Records Major Drop in Commerce Us
Use of Bitcoin Cash in commerce has sharply declined. A payment review by crypto exchanges indicates that BTC has been dropping compared to other payment options. The data was compiled by blockchain analytics firm Chainanalysis.
Between March and May this year BTC payment dropped by $6 million from $10.5 to $3.7. In terms of BTC capacity, the payments stood at approximately $412 towards the end of last year while in May 2018 it was at $60 million.
According to Kim Grauer from Chainalysis, the drop is due to a few BTC holders. BTC value has decreased by 75% while BTC dropped by 55 percent. Grauer notes that concentrated ownership is responsible for the decreased adoption. She suggests that rich BTC holders might be responsible for sending traffic to merchant services.
BCH emerged in the previous year as a result of bitcoin blockchain. Its emergence led to a lot of controversy among crypto lovers. Despite the decrease in adoption, BTC has remained the fourth largest crypto. It has a current market capitalization of over $9 billion.