Last updated on May 18th, 2024 at 12:52 pm
A massive Bitcoin Cash (BCH) transfer of over 230k has raised speculations across the crypto community. The Bitcoin-forked token forged in 2017 has experienced unprecedented growth since its emergence and continues to maintain its spot as one of the largest cryptocurrencies in the market.
In a recent development, WhaleAlert, a blockchain transaction tracker, has reported a significant transaction involving massive amounts of Bitcoin Cash (BCH) up to the tune of 230,000 moved from one wallet to another.
According to the aforementioned tracker, exactly 235,300 BCH tokens (worth $62,387,579) were transferred from one unknown wallet to another. The origin and destination of the transaction have sparked speculations across the crypto community.
Source: WhaleAlert Twitter
Several times, huge amounts of cryptocurrencies are transferred between anonymous wallets which sometimes affects the short-term price of the token.
Advertisement
While the precise reason behind the transaction is still unknown, a few possibilities could be plausible. It’s possible that a whale, or significant BCH holder, chose to transfer their money to another wallet.
The transaction could also be an over-the-counter, or OTC, transaction that takes place outside of a cryptocurrency exchange. Furthermore, a whale might have moved their money before the eagerly awaited Bitcoin halving.
Whatever the reason behind the transaction, it has caught the attention of the crypto community with many wondering about the potential impact on the price of the token.
Bitcoin Cash (BCH) price reaction
On February 14, Bitcoin Cash (BCH) reached a new high of $293.68. Since then, the price of the token has been fluctuating within that range. According to data from Coinstats, BCH is currently trading at $268.83 representing a 0.22% increase in the last 24 hours.
Furthermore, the trading volume of the token has recorded impressive growth. New data shows that the volume has increased by over 15% in the last day with its value resting at $174,522,273 ($174.5 million).
Finally, Bitcoin Cash (BCH) occupies the #21 position on the global crypto market with a market cap of $5.2 billion.
Free Tool: Use our simple crypto profit calculator to calculate your potential profits and returns on your cryptocurrency investments.<<<
Read more: Crypto Analyst Predicts XRP Surge to $200
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.