Breaking Bitcoin Cash Falls Out of the Top 10 Crypto Market Cap

9 March 2021, 15:31 GMT+0000
Updated by Anirudh Tiwari
9 March 2021, 15:31 GMT+0000
In Brief
  • Bitcoin Cash falls to number 11.
  • The altcoin has lost 99% of its value against Bitcoin.
  • Bitcoin hit $1 Trillion market capitalization for the second time.
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Bitcoin Cash has fallen out of the Top 10 cryptocurrencies, being beaten out by altcoins LiteCoin and Chainlink.

Bitcoin Cash is having a pretty good week, with a 24-hour trading high of $541.14, an increase of 7.01%, and expectations that it could be on its way up to $850, these positive factors didn’t stop the fall to 11th place. 

The fall coincides with the coin officially losing 99% of its value against Bitcoin since it originally forked in August 2017. In the past 24-hours, it traded at a low of 0.009866 BTC. 

This knock looks bad, but BCH still holds its own as the only Bitcoin fork to keep a significant place among the top coins. The next Bitcoin fork to feature, Bitcoin SV, comes in all the way at number 29. 

However, even in a rally to above $600, this is a far cry from its height of just under $4,000 in December 2017.

Bitcoin Hits $1 Trillion Again 

As BCH fell off the Top 10, Bitcoin held strong to its number 1 position reaching $1 Trillion market capitalization for the second time ever. 

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On Tuesday, BTC reached a 24-hour high of  $54,342.57 with a circulation of 18,649,162 BTC. This 8.34% gain in price pushed it back over the $1 Trillion mark. 

This milestone was reached for the first time on Feb. 20, as it breached $53,500 for the first time before topping its all-time high of $58,332.36 a day later. 

Passing this milestone twice further cements the cryptocurrency as a viable and valuable asset class, which has been long-argued by BTC supporters but has only more recently been warmed up to by corporates older financial institutions. Goldman Sachs recently returned to BTC, reopening its cryptocurrency trading desk. 

This achievement has been attributed to several factors. Still, this growth in institutional interest in Bitcoin by companies such as Tesla and PayPal has helped strengthen confidence in the coin. 

The current bull market has analysts speculating that BTC could reach $100,000 and higher by 2022. This confidence is further bolstered by Bitcoin hitting these impressive milestones. 

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.