The battle was so huge, the servers slowed down 10% deliberately so players could see who they were shooting at.
The cause of the battle was that the CFC was running a campaign to force the Test Alliance out of the 6VDT sector. Some speculate that the CFC is trying to eliminate the Test Alliance forever.
NeoGAF and The Verge acted as "war correspondents" during the battle, with such reports as "Though the battle is raging on slowly, some tactics have emerged. The TEST Alliance is attempting to jam CFC's targeting capabilities, in order to cripple the CFC's logistics (it's ability to heal friendly units.) It will still be some time before the balance of power becomes clear."
The battle reached a peak of 4070 ships dogfighting, but the tide was turned for good when the CFC sent in a host of capital ships, whereas the morale was broken for a good chunk of Test Alliance ships as they attempted to flee the battle, but the warp bubbles hampered attempts. Thousands of ships were destroyed.
It is unknown the real money value that was lost due to destroyed ships. A far smaller battle earlier in 2013 cost $15,000 (£10,000).