- Bitcoin Cash retreats to the 5th position as Stellar sits comfortably in the 4th position.
- Bitcoin Cash off spring’s hash war continues amid market’s bear trend.
The crypto market has recently become the beast it was at the end of the year last year. However, this year, the action is to the bottom as opposed to hitting the roof like the parabolic move in December 2017. Cryptocurrencies like Bitcoin has lost more than 80% of their value since the beginning of the year while other assets have slashed off over 95% of their all-time high.
Bitcoin Cash has been the worst hit by the bear trend in the market. The situation was made even worse by the hard fork upgrade on November 15 that led to a chain split birthing Bitcoin ABC and Bitcoin SV. Bitcoin Cash traded almost at $4,000 in December 2017. However, the trend this year has had the asset deflate massive to the current $164.
At the time of press, BCH/USD is trading at $164 and has corrected lower 2.74% on a daily basis and 3.42% in a 24-hour period. The 24-hour trading volume for the asset is currently at $63 million. Due to the split, the market capitalization of Bitcoin (BCH) took a huge hit to the current $2.9 billion. Besides, BCH has retreated by one position to rank as the 5th largest crypto giving way to Stellar (XLM).
Stellar, on the other hand, is changing hands at $0.1548, although it is down 4.51% in the last 24 hours. Traders have been changing their sentiments towards Stellar following the news that it could be listed on US-based Coinbase exchange. However, the crypto has not been spared by the bear trend that took effect in November. Stellar had tested $0.30 to the upside before it began trimming the gains. XLM currently has a market capitalization of $2.9 and a 24-our trading volume of $72 million. It recently zoomed past Bitcoin Cash (BCH), displacing it from the position it had held since its inception last year.
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