Bitcoin Cash Crash: Loses fourth place to Stellar as BCH falls 40% in 24 hours amid hash wars, crypto crash
- Bitcoin Cash is down around 40%, losing more than its peers in the crypto crash.
- The hash wars left all those involved in BCH losing.
- Stellar is now the fourth cryptocurrency regarding market capitalization
Cryptocurrencies are falling fast: Bitcoin slipped below $4,300, Ethereum below $125, and Ripple temporarily to $0.40%. Yet a greater drama awaits below the top three digital coins. The hard fork in Bitcoin Cash is cited as one of the reasons for the sell-off that began on November 14th and intensified this week.
The clash between different parties involved in BCH led to hash wars and miners mining at a loss. Some cryptocurrencies warned of specific forks and took measures to defend themselves.
And while all cryptocurrencies are also dropping due to other reasons, today's fall in Bitcoin Cash is spectacular. BCH/USD is trading around $218 at the time of writing, down 40%. For comparison, Bitcoin is down 16%, Ripple 7%, and Etehreum 15% according to CoinMarketCap at the time of writing.
Bitcoin Cash is down 39.29% in the past 24 hours.
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It not only stands out against its peers from above but also against those below it. Stellar fell by 14% and just by not losing too much; it is now worth more than BCH regarding market capitalization. Both are worth just around $3.8 billion at the moment, with Stellar Lumens coming on top.
With Bitcoin Cash relegated to No. 5, will it continue to lower ground or will buyers appear? This is an open question. Nevertheless, it is important to note that even when everything is falling, some assets can stand out just by not collapsing. Stellar's star is shining, at least in relative terms.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
