Bitcoin Cash [BCH] slips to sixth as Stellar Lumens [XLM] sees one-year low

Bitcoin Cash [BCH] slips to sixth as Stellar Lumens [XLM] sees one-year low

The collective cryptocurrency market saw the most significant tremor of the new year which resulted in major shifts in the coin ladder. bitcoin Cash [BCH], the ₿itcoin hardfork emerging in August 2017, has been pushed down 2 places as the market shaved more than $8 billion.

On January 26, the collective market cap was valued at $121.75 billion and in just two days it dropped by 8.34 percent to $111.6 billion to its lowest point since December 17, with the now sixth largest cryptocurrency, ₿itcoin Cash, bearing the brunt of the decline.

bitcoin Cash began the week flirting with its support level, recorded on January 28 as $120.87, with the coin currently trading significantly below at $109.22, indicating a steep fall. The coin now finds support at $107.6, but the prospects of a push above the same look bleak.

bitcoin Cash [BCH]: One Hour Price Chart

The sixth-place cryptocurrency is by no means the only loser in the market, as the collective market is on a downturn triggered by ₿itcoin’s slip below $3,500, currently trading at $3,450. All major coins, barring the prime-stablecoin, Tether [USDT] are flushed in red, but the severity is pronounced in BCH leading to its slip.

EOS [EOS], the decentralized applications [DApps] focused cryptocurrency trailing ₿itcoin Cash for the fourth spot, has faced bittersweet success. EOS rose above ₿itcoin Cash with a current market cap lead of under $100 million but saw Tether hold firm, as investors look to offload their cryptocurrency as the market took a bearish switch.

In all this mayhem, ₿itcoin Cash also saw its market capitalization slip below the $2 billion mark to $1.92 billion, at press time, its lowest market cap since mid-December. EOS [EOS] has cut over $240 million from its market cap and is hovering just over the $2 billion mark and if market conditions persist, EOS will follow the BCH trend. Furthermore, EOS is now priced at $2.21, slipping just below its immediate support level placed at $2.22, the first time the coin has slipped below this price mark for over a month. Tether has swapped spots with ₿itcoin Cash, and overtaken EOS in the process, as the market meltdown continues, pushing coins to one-month lows.

Despite the overwhelming shift, ₿itcoin Cash is not the worst-performing coin on the market. That feat is taken by Stellar Lumens [XLM] which is staring down a 7.06 percent decline against the US dollar as its market cap now stands at $1.61 billion. Stellar Lumens, placed on the ninth spot on the global coin ladder has seen its worst decline since December 2017. The coin now languishes at a market cap of $1.607 billion, which it has not witnessed for over a year. At press time, the price of XLM is $0.0838, with the coin trading well above $0.11 one month prior.

Stellar Lumens [XLM]: One Day Price Chart

The post Bitcoin Cash [BCH] slips to sixth as Stellar Lumens [XLM] sees one-year low appeared first on AMBCrypto.

Published at Tue, 29 Jan 2019 20:03:50 +0000