Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forks => Bitcoin Forum => Bitcoin Cash Forum => Topic started by: seje on February 08, 2021, 01:52:57 PM
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Bitcoin Cash no longer a top-10 cryptocurrency after being hounded out by Dogecoin
The fortunes of beleaguered Bitcoin (BTC) spin-off Bitcoin Cash (BCH) took a turn for the worse on Feb. 8 as it was chased out of the top ten cryptocurrencies — by Dogecoin (DOGE).
Data from Cointelegraph Markets and CoinMarketCap showed BCH now occupying 12th place after being passed by both DOGE and Stellar (XLM).
BCH kicked out of the top ten
The latest embarrassment for the altcoin, which last week lost its footing to Binance Coin (BNB) and in January was superseded by Chainlink (LINK), thus relegates it from the top ten cryptocurrencies by market cap.
At the time of writing, BCH had a market cap of $8.48 billion, behind Stellar's $8.63 billion and DOGE's $9.59 billion, the latter having risen 25% in the past 24 hours.
While Bitcoin itself has gone from strength to strength, BCH has yet to see any real benefits beyond the occasion commitment from figures such as Kim Dotcom. The altcoin's proponents tout it as a superior alternative to Bitcoin thanks to its faster and cheaper transactions.
"I joined team BCH early January. This is just the beginning," Dotcom promised in a recent tweet.
https://cointelegraph.com/news/bitcoin-cash-no-longer-a-top-10-cryptocurrency-after-being-hounded-out-by-dogecoin
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Cryptocurrency should develop in all directions. It is no secret that BTC has long lagged behind the bulk of cryptocurrencies in terms of its functional qualities, and therefore forks such as BCH have a right to exist. The fact that BCH is losing positions in the CoinMarketCap table does not at all indicate a fall in the value of this coin. It's just that at this stage, demand switches to newer directions in the development of cryptocurrency. In general, this is quite normal.