The digital currency market is at its lowest level since December last year. The overall market cap of the crypto market is not impressive right now compared to its value early this year. Bitcoin (BTC), which surged towards the $20k level in December last year, is now down by more than 75 percent. The digital currency at the forefront of the current market crash is Bitcoin Cash (BCH), with Ethereum (ETH) and Bitcoin (BTC) strongly behind it.
Bitcoin Cash (BCH) Price Today – BCH / USD
Over the past seven days, Bitcoin (BTC) is down by more than 22 percent. Ethereum (ETH) has lost close to 30 percent of its value. Whereas, Bitcoin Cash (BCH) is down by almost 50 percent over the past seven days. This is mainly because of the recent hard fork of Bitcoin Cash, which has resulted in key resources being channeled to Bitcoin Cash SV.
Stellar Lumens Briefly Ranked Fourth in the Crypto Market
Stellar Lumens is currently at the number fifth spot on the list of top digital currencies in the market by market cap. Over the past months, Stellar Lumens have been dominated by Bitcoin Cash (BCH). However, the table turned in favor of Stellar Lumens yesterday. Stellar Lumens briefly took over the position of Bitcoin Cash (BCH) as the fourth largest digital currency in the world.
The value of Bitcoin Cash has been on a continuous downward trend since its hard fork. The pre-fork value of the coin was $630, but the digital currency is now trading close to the $200 mark. This greatly affected the market cap of BCH, giving Stellar Lumens the opportunity to take its position.
Nevertheless, Bitcoin Cash has reclaimed its position, but the market cap difference between Bitcoin Cash (BCH) and Stellar Lumens (XLM) is very small. This means if there is a little upsurge in the value of Stellar Lumens, and BCH remains the same or continues to decline, Stellar Lumens will likely take over the position of BCH again.
Irrespective of the extreme bearish trends across the crypto market, XLM has been able to maintain a series of higher low up until this week. The value of the digital currency declined below the series of higher lows close to the 21 cents level and plunged to the 18 cents mark.
If the value of XLM continues to decline, provided it doesn’t plunge deeper than Bitcoin Cash (BCH), Stellar Lumens will likely overtake Bitcoin Cash in terms of market capitalization. With Bitcoin Cash (BCH) presently changing hands close to the $200 mark, with strong seller traction, the digital currency would experience a sharp, massive selloff if it declines below that level. However, the seller momentum for Stellar Lumens (XLM) is stronger than that of Bitcoin Cash (BCH).
Stellar (XLM) Price Today – XLM / USD
At the press time, Stellar Lumens is trading at $0.18075 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $3.46 billion while that of BCH is $3.59 billion. The trading volume of XLM over the past twenty-four hours is $89.78 million.