Is Bitcoin Cash on its way to losing its fourth-place position? Could the likes of EOS or Stellar end up removing BCH from its current ranking again.
EOS and Stellar Hot on Bitcoin Cash’s Heels
At the end of December 2017, Bitcoin Cash was valued at over $4,200, according to CoinMarketCap. Fast-forward to November 2018, and it’s trading at $212. In less than a year, BCH’s value has dropped by over 94 percent.
Bitcoin Cash is still managing to hold onto fourth place, but how long can it stay there? At present, its market cap is worth $3.7 billion, yet EOS and Stellar are not far behind. Could either one of these remove it from it fourth place again?
Over the weekend, EOS was able to overtake BCH following a market downturn. For a time, it was briefly able to hold the fourth position. Yet, at the time of publishing, it has slipped back into fifth. Last week, Stellar managed to step into fourth place as well, overtaking Bitcoin Cash for a short time.
While Bitcoin Cash has managed to claw its way back, the past week hasn’t done anything to improve its price. The recent hard fork, creating Bitcoin Cash ABC and Bitcoin Cash SV, has seen its value drop. Over a seven day period, it remains down by 41.25 percent, making it one of the worst hit altcoins during the bear market.
At the moment, Bitcoin Cash SV is ranked at 1,726 at a value of $123; however, it doesn’t currently have a market cap value, according to CoinMarketCap. It remains to be seen where it will land in the market rankings once this becomes available. The website has also decided to merge its Bitcoin Cash and Bitcoin Cash ABC listings.
Could Stellar Overtake EOS?
Right now, Stellar (XLM) has a market value of $2.9 billion. Even though it has seen a near eight percent price rise in 24 hours, it is still down far greater than EOS at over 33 percent in seven days.
Despite this, could Stellar take EOS’s fifth place position?
Earlier this month, it was reported that crypto wallet and firm Blockchain had partnered with Stellar to conduct an airdrop for their wallet users. At the time, it was noted that $125 million worth of XLM tokens would be given away for free. Considered a marketing strategy, the airdrop is being used to draw attention and new users to the token. At the time of the announcement, Stellar’s token was valued at $0.25 – it has since fallen to $0.15.
Stellar, which is aiming to revolutionize cross-border payments similar to XRP, is not having the same success in value as Ripple’s token, which has been one of the least impacted from the bear run.
Do you think Bitcoin Cash will lose its position again? Will EOS or Stellar replace it? Let us know in the comments below.
Images courtesy of Shutterstock, CoinMarketCap