Stellar Lumens [XLM] overtakes Bitcoin Cash [BCH] in red November escapade; becomes fourth-largest token |
In an unexpected update, Stellar Lumens [XLM] has overtaken Bitcoin Cash [BCH] to become the fourth-largest cryptocurrency in the world according to market cap. Cryptocurrency markets were mutilated yesterday as Bitcoin fell down below the $5,000-range, bringing down with it all other altcoins, including Ethereum [ETH], XRP, and Stellar Lumens [XLM].
According to data from CoinMarketCap, the market cap of Stellar Lumens has been steadily decreasing as the bears forced a siege and caused a bloodbath. In a twisting turn of events, the market cap of Stellar Lumens decreased in the 24-hour time frame from $4.66 billion to $4.39 billion, and the token still managed to dethrone Bitcoin Cash, which recently underwent a hard fork.
Bitcoin Cash, on the other hand, doesn’t look like it is getting its house in order as the ‘hash wars’ are still afoot in the wake of the fork.
CoinMarketCap has merged the market cap of Bitcoin Cash and Bitcoin Cash ABC to avoid confusion as many exchanges are still using Bitcoin Cash to refer to Bitcoin Cash ABC implementation. The market cap of Bitcoin Cash/Bitcoin Cash ABC nosedived to the ground from $6.72 billion to $4.13 billion. The great fall happened in a matter of 14 minutes, paving way for Stellar Lumens’ steady market cap to easily overtake Bitcoin Cash.
November seems to have brought volatility with it into the cryptocurrency eco-system, as Bitcoin and other cryptocurrency prices have been going haywire. The volatility has caused the cryptocurrencies to bleed out in the open, hence leading to a gory red November.
Red November has caused a lot of stir in the cryptocurrency market, stemming from major price developments, including Bitcoin falling below the $5,000-mark, and XRP dethroning Ethereum [ETH] of its second rank.
At the time of writing, according to CoinMarketCap, BCH had gone down by a massive 40.82% in the past 24 hours and was trading at $228.01, with a market cap of $4.01 billion and a 24-hour trade volume of $97 million.
In the meantime, XLM was trading at $0.225, after going down over 6% in the past 24 hours. The token held a market cap of $4.33 billion, with a 24-hour trade volume of $1.32 billion.
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