- Stellar Lumens XLM overtakes BCH for 4th position even after plummeting 13 percent
- The BCH sibling rivalry still continues with no sign of ending soon
- BCH may be headed away from the top 5 position
In an unanticipated update, Bitcoin Cash (BCH) has lost its position as the world’s 4th largest cryptocurrency to Stellar Lumens (XLM), even as BCH’s sibling rivalry drama rages. This has allowed Stellar to unexpectedly break into the big league stable.
Stellar Resists the Crypto Bloodbath
Data from CoinMarketCap shows that Stellar Lumens surpassed Bitcoin cash despite losing at least 13 percent of its value in the last 24 hours in a cryptocurrency market bloodbath that saw bitcoin, the world’s leading digital currency lose at least 15 percent of its value to slide below the $5,000 mark.
Stellar Lumen’s market cap slid from $4.66 billion to $4.39 billion within a 24-hour time frame even as the leading cryptocurrencies and all other altcoins, including Ether [ETH], XRP, and Bitcoin Cash (BCH) which underwent a hard fork recently, with no signs that the sibling rivalry is about to end soon.
According to CoinMarketCap, Bitcoin Cash’s (Bitcoin Cash ABC) market cap plummeted from $6.72 billion to $4.13 billion, a 40 percent fall within a record 14 minutes, giving way to Stellar Lumens (XLM). With the 40 percent fall in just 24 hours, there are all chances that BCH is heading away from the top-five position, making matters worse for an altcoin that has lost over 50 percent of its value in less than a week.
Stellar Lumens (XLM) was trading at $0.18 at the time of writing, which is a 20 percent drop over the last 24 hours with a market capitalization of $3.5 billion. Stellar has thrived for a good part of this year on speculation they would list it on Coinbase, a leading U.S.-based cryptocurrency exchange and wallet provider.
At the time of writing, bitcoin cash was trading at $209 with a $3.8 billion market cap down from $630 billion at the beginning of November. The CoinMarketCap is still merging the market Cap for Bitcoin cash (BCH) and Bitcoin Cash ABC (BCH ABC) to avoid confusion since most cryptocurrency exchanges are using the names interchangeably.
November Blues for Crypto Industry
November has historically been a bullish month for cryptocurrencies but things don’t seem to be too rosy this time around. Crypto traders and investors are most likely waiting for the market to bottom up in what is called a capitulation, a situation during which market players surrender and forfeit demand.
When such happens, and the bottom is formed, fear in the market reaches its highest peak, accompanied by a falling sell volume that is slowly overtaken by rising buy volumes. While speculation is still painfully rife, only time will tell when the bottom will finally be reached.