Following an extraordinary surge in social media attention, traders are watching to see if this online buzz for Bitcoin Cash can translate into improved market performance and trading activity.
Social media buzz surges as trading volume falls
Bitcoin Cash saw its social activity explode with a
↗14738%
surge over the past week, suggesting strong community interest. This occurred as its daily trading volume declined by
↘53%
.
Market performance trails competing networks
Over the past year, BCH posted a
↗75%
gain, which was below the
↗100%
average for similar blockchain networks. The asset's
↗9%
monthly gain also trailed emerging competitors.
Recent news presents a mixed outlook
The network received positive news when Grayscale
filed for a Bitcoin Cash ETF. Conversely, the project faced a setback when
Tether announced it would end support for its stablecoin on the blockchain.