After prices rose 39% at the end of July, as many as 10 Bitcoin Cash whales left the network, possibly selling or selling millions of their properties.
According to crypto-Twitter user Ali Martinez, data from analysts’ website Santiment shows that the number of investors who own between 10,000 and 100,000 Bitcoin Cash (BCH) – about $ 3 million to $ 30 million – has fallen by 10 since August 1. 38.7% from $ 224.46 on July 17 to a three-month high of $ 311.34 on July 31, meaning some whales may have sold off.
BCH is still the fifth largest crypto-asset at $ 5.6 billion, while Chainlink (LINK) is $ 4.6 billion. At the time of writing, Bitcoin Cash was trading at $ 307.84, a 3% increase over the last 24 hours.
Changes to the BCH difficulty algorithm
Bitcoin Cash uses the SHA256D algorithm – the same as Bitcoin. However, the hash strength is less than 5% of Bitcoin, which sometimes makes it vulnerable to an attack of 51%.
In response, the Biosafety Clearing House community proposed changing the algorithm as part of the network update in November. On August 7, Cointelegraph reported that developers had found a compromise between the two proposed solutions. The network will implement “Aserti3-2d” difficulty adjustment proposed by Jonathan Tumen, BCHN’s main maintenance specialist, as well as infrastructure financing plan.