After a 39% price increase at the end of July, at least 10 Bitcoin Cash whales have left the net, possibly trading or selling their millions in possession.
According to Twitter user Ali Martinez, data from analyst site Santiment shows that the number of investors holding between 10,000 – 100,000 Bitcoin Cash (BCH), approximately USD 3 million – USD 30 million, has fallen by 10 since August 1. The drop comes after the token rose 38.7% from USD 224.46 on 17 July to a three-month high of USD 311.34 on 31 July, implying that several whales may have sold their holdings.
BCH remains the fifth largest cryptoactive by market capitalization at $5.6 billion, and Chainlink (LINK) lags behind at $4.6 billion. As of the close of this edition, Bitcoin Circuit is trading at USD 307.84, up 3% in the last 24 hours.
Adjustments to the BCH difficulty algorithm
Bitcoin Cash uses the SHA256D algorithm, the same algorithm used by Bitcoin. However, its hash power is less than 5% of Bitcoin’s, which has sometimes left it vulnerable to a 51% attack.
In response, the BCH community has floated around changing the algorithm as part of the November network update. Cointelegraph reported on August 7 that the developers have worked out a compromise between two proposed solutions. The network will implement the ‚Aserti3-2d‘ difficulty adjustment proposed by BCHN leader Jonathan Toomin and an infrastructure funding plan.