After almost a week of bullish momentum, the cryptocurrency market underwent a bearish move today as the collective market fell. Though the movement was relatively insignificant, Bitcoin’s domino effect was once again put to test by the bears today after its hard fork, Bitcoin Cash, also fell by a meager amount on May 6.
Bitcoin Cash saw a huge rise over the past week as the collective market followed Bitcoin’s price movement. This resulted in the coin seeing a considerable increase in the daily number of transactions, indicating a healthy market. However, not everything was rainbows and unicorns for the Bitcoin hard fork and Bitcoin SV’s main competitor.
According to Twitter user, @IamNomad, nearly half of the Bitcoin Cash network’s transactions were linked to a single address. If true, it could imply trouble for the cryptocurrency as the one single entity could be trying to fake an active network by ‘unethically’ increasing the number of transactions. The address, 1b1itzeSKYEKhdcthUSnNJ47Fx2U8Zwwn, completed its first transaction on April 8 and at press time, had completed a total of 575,000 transactions.
This is a considerable amount as in the same time frame, the Bitcoin Cash network registered only 1.17 million transactions. According to reports, this effectively meant that this single address or person was responsible for 49% of all BCH network transactions. The speculation was further fueled as the address usually transacted a consistent amount of 0.00000731 BCH in consecutive transactions to buff up the total number of transactions.
The collective transactions amounted to approximately $40,000, split between incoming and outgoing transactions. The address has sent BCH worth $19,298 and received $20,461 in BCH. At press time, the address held a balance of only $1,266.
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