Bitcoin Cash dropped out of the top 10 cryptocurrencies and was beaten by the altcoins LiteCoin and Chainlink.
Bitcoin Cash is having a pretty good week with a 24-hour trading high of $ 541.14, up 7.01%, and expectations that it could climb to $ 850. These positive factors did not stop the decline to 11th place.
The decline coincides with the fact that the coin has officially lost 99% of its value to Bitcoin since it was originally forked in August 2017. For the past 24 hours, it has traded at a low of 0.009866 BTC.
That punch looks bad, but BCH still holds its own as the only bitcoin fork to hold a significant place among the top coins. The next bitcoin fork, Bitcoin SV, comes in at number 29.
Even if it rallies above $ 600, that’s a long way from where it was just under $ 4,000 in December 2017.
Bitcoin hits $ 1 trillion again
When BCH fell from the top 10, Bitcoin held onto its number 1 position, hitting a market cap of $ 1 trillion for the second time.
On Tuesday, BTC hit a 24-hour high of $ 54,342.57 with a circulation of 18,649,162 BTC. That 8.34% rise in price pushed it back above the $ 1 trillion mark.
That milestone was first hit on Feb.20, when it topped $ 53,500 for the first time, before surpassing its all-time high of $ 58,332.36 a day later.
By passing this milestone twice, the cryptocurrency is further solidified as a viable and valuable asset class that has long been discussed by BTC supporters, but has only recently been warmed up by older financial institutions. Goldman Sachs recently returned to BTC and reopened its cryptocurrency trading desk.
This performance has been attributed to several factors. Still, this growing institutional interest in Bitcoin from companies like Tesla and PayPal has helped build confidence in the coin.
In the current bull market, analysts speculate that BTC could hit $ 100,000 and more by 2022. That trust is further strengthened by the achievement of these impressive milestones by Bitcoin.
Disclaimer of liability
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader in relation to the information contained on our website is entirely at your own risk.