At the end of July, at least 10 whales sold all of their BCH at the peak price and left the Bitcoin Cash network.
From the end of Junethe Bitcoin Cash price tended to rise, as didmost altcoins. Starting at $ 225 on June 20, it surpassed $ 335 on July 2, peaking in the past three months, and then plummeting. BCH managed to rise again to $ 324, but the scenario repeated itself, and the asset fell within a few hours to $ 287.
According to a tweet from trader Ali Martinez, whales are responsible for this price rollercoaster. Since August 1, approximately 10 whales have left the network.
Based on data from the Santiment service, Martinez noted that the number of addresses containing from 10 to 100 thousand BCH has decreased significantly.
Such large liquidations usually tend to bring the price down and the coin immediately pulls back. At the time of writing, the price of Bitcoin Cash is $296.69.
The departure of large players makes the asset with a smaller market capitalization more vulnerable to attacks by 51%, which could weaken the Bitcoin Cash blockchain in the medium term.
Subscribe to ForkNews on Telegram</p>