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Bitcoin Cash Gains 14% as Stress Test Hits Transaction Record

Bitcoin Cash Gains 14% as Stress Test Hits Transaction Record

Bitcoin Cash Gains 14% as Stress Test Hits Transaction Record

bitcoin Cash
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Over the weekend, Bitcoin Cash conducted a stress test designed to prove to merchants and businesses worldwide that its mainnet is capable of scaling on chain and handling huge transaction volumes currently.

The principal takeaway from the results of the test was that increased transaction volumes did not lead to a fee surge, and in fact transaction fees declined slightly.

‘Hopefully an annual event’

According to the stress test website, the stress test was an opportunity for businesses and developers on the BCH network to gather useful data and stress test their own services in what is hoped to become an annual event.

Starting on September 1, 2018, the Bitcoin Cash encouraged thousands of users to deliberately carry out multiple activities including sending BCH and using BCH Decentralized Applications (DApps), so as to raise the number of ongoing transactions into seven figures.

Bitcoin Cash experienced over 2.1 million transactions on September 1 as shown in the data below from BitInfoCharts.

Source: BitInfoCharts

As a result of the increased network activity, microtransactions on the BCH blockchain went up as high as 14,300 per block going by data from Coin Dance.

Source: Coin Dance

To put that in perspective, Bitcoin microtransactions usually average below 1,500 per block.

Declining Fees

In what the Bitcoin Cash community will no doubt see as a vindication of the stance which led to their initial split with Bitcoin, the stress test results showed that as transaction figures topped 2.1 million on the Bitcoin Cash network, transaction fees did not show any increase and in fact, according to data from BitInfoCharts, transaction fees actually declined slightly from $0.002 to $0.0017.

Source: BitInfoCharts

In the course of the stress test, Bitcoin Cash achieved the highest amount of crypto market activity, making up 34.6 percent of all crypto activity over the past 24 hours, based on data from BitInfoCharts.

Source: BitInfoCharts

At the peak of the stress test, Bitcoin Cash took up a massive 63 percent of all crypto market activity according to BitInfoCharts.

Data source: BitInfoCharts

Following the successful completion of the stress test, the BCH price has experienced a mild boost, going up from Saturday’s opening price of $543.96 to as high as $653.69 on September 2 according to data from CoinMarketCap.

The 24 hour trading volume of BCH also went up from $490,619,000 at the start of trading on September 1 to $570,200,000 on September 2. Its market capitalization also gained $1.2 billion, rising from $9,423,372,872 to $10,673,018,727.

Source: CoinMarketCap

The stress test comes a few weeks ahead of a contentious hard fork upgrade championed by Bitcoin ABC, which has met stiff opposition from nChain and CoinGeek amongst others.

Featured image from Shutterstock.

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