On Thursday, Stellar (XLM) briefly passed Bitcoin Cash (BCH) in market capitalization to take fourth place on the popular crypto data site coinmarketcap.com. Before too long, Bitcoin Cash’s $3,134,759,555 market cap regained fourth place ahead of Stellar’s $3,126,604,138. But, if you’re into flippenings, break out your popcorn because they are neck and neck.
The recent split of Bitcoin Cash into Bitcoin Cash ABC and Bitcoin Cash SV has left both chains appearing vulnerable in the relative market capitalization comparison. At $1,624,205,228, Bitcoin Cash SV is currently in a strong ninth place ahead of Cardano (ADA).
But the combined market cap of the two chains is considerably lower than pre-fork numbers, as Bitcoin Cash rallied ahead of the fork, but then fell back below pre-rally prices. The post-fork combined price has also suffered. As the hashwar between the two factions continues, we may see further declines in the combined market cap.
Since the Bitcoin Cash hard fork, there has been some confusion and uncertainty as to which chain should even get the established Bitcoin Cash (BCH) designation or whether new designations would arise for both. Coinmarketcap.com has recognized Bitcoin Cash ABC as BCH and designated Bitcoin Cash SV as BSV on its site, but that is not universal in cryptoland.
This junior flippening harkens back to the recent change in the second place in market cap behind venerable Bitcoin (BTC) when Ripple (XRP) took the long-held position from Ethereum (ETH). Ethereum’s recent weakness in the market caused it give way to Ripple. XRP has seen some strength in the market and doesn’t look willing to relinquish its place for some time.
With the market attempting a turnaround and continued conflict between Bitcoin Cash factions, we can expect some roil and boil in the top 10 market cap.