Bitcoin Cash (BCH) has lost its position as the number five largest cryptocurrency. Marking 10 percent decrease over the past 24 hours alone, BCH is down with more than 40 percent on the month.
Tether (USDT) Overtakes Bitcoin Cash (BCH) in Market Cap
Stablecoin Tether (USDT), has overtaken Bitcoin Cash as the fifth largest cryptocurrency market capitalization. The popular dollar-pegged cryptocurrency is currently sitting on a market cap of a little over $2 billion, while BCH has fallen to about $1.96 billion as of today.
BCH is trading at about $111 at the time of this writing, which is down substantially from last month this time, when the cryptocurrency was trading at about $172.
Last year Bitcoin Cash went through a hard fork, resulting in the split between two separate cryptocurrencies – Bitcoin ABC and Bitcoin SV.
Bitcoin SV is also going down, according to CoinMarketCap. The cryptocurrency has lost about 11.5% over the past 24 hours, currently sitting at about $63.84 per coin. Its total market cap is $1.1 billion.
Tether Holds Strong
USDT, on the other hand, is seemingly holding strong.
Earlier in 2018, there were serious concerns over the actual dollar peg of the cryptocurrency, with many holding that Tether didn’t really have the monetary reserve to back up the entire circulating supply of USDT.
However, in December, those rumors began looking particularly thin. According to bank statements revealed by Bloomberg, back in January 2018, $2.2 billion was, in fact, present in Tether’s account at Noble Bank in Puerto Rico.
According to data compiled by CoinMarketCap, approximately the same amount of Tethers also existed on that day. To date, USDT remains the most popular stablecoin and the one with the largest market cap.
What do you think of USDT overtaking BCH? Do you think BCH will be able to recover? Don’t hesitate to let us know in the comments below!