So far, November has been a wild ride in the cryptocurrency market — which has led to a shakeup among the top-ranked cryptocurrencies by total market cap value. Stellar lumens (XLM), for example, temporarily leapfrogged Bitcoin Cash (BCH). What will the list look like at the beginning of the new year?
Trash Wars
During the past week, the total market cap in the cryptocurrency space has been slashed to ribbons — losing more than $70 billion before a slight rebound. It is currently sitting at the $147 billion mark, at the time of writing. Bitcoin Cash (BCH) has struggled the most in comparison with its top-ten peers. A recent hard fork in the Bitcoin Cash chain has created a deep rift within the BCH community, and the price has certainly reflected a project at war. In the weeks leading up to the fork, which separated the Bitcoin Cash chain into ABC and SV offshoots, the price of BCH skyrocketed from $416 to $620 as investors bought in to ride the hype and profit and claim their free forked coins in a similar fashion to the Ethereum Classic (ETC) and Ethereum (ETH) split in 2016, or last August when Bitcoin Cash (BCH) originally forked from Bitcoin ‘Core’ (BTC). The ‘Hash Wars,’ as it has come to be known, has seemingly caused more collateral damage than anything else — causing the price to dip briefly under $200. (A new all-time low.)
Step Aside
During this tumultuous time, cryptocurrency projects across the board have been seeing red candles — with a handful showing more resilience than others. [bctt tweet=”Stellar Lumens (#XLM) and Bitcoin Cash (#BCH) are neck and neck fighting it out for the number 4 spot in terms of total market cap value.” username=”beincrypto”] Stellar Lumens (XLM), for example, has been climbing its way closer to the top throughout 2018 as it has held its ground while watching less stable projects getting washed backward. At the time of writing, Stellar Lumens (XLM) and Bitcoin Cash (BCH) have been neck and neck fighting it out for the number 4 and 5 spots in terms of total market cap value. This past Saturday, Stellar Lumens cheekily Tweeted: https://twitter.com/StellarLumens/status/1063481481769730049 This is a goal that briefly came to fruition for the Stellar Lumens team today, although, during the writing of this article, BCH has reclaimed its number four spot and is leading XLM by $350 million. EOS (EOS), currently ranked sixth, also remains a contender among the mid-range top-ten projects with a current market cap of $3.35 billion. It trails XLM by less than $500 million. It is unlikely that EOS, Stellar Lumens or Bitcoin Cash will catch up to one of the top three ranked coins — Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH) — anytime soon, as they each have a market cap in the double-digit billions.
Will the market cap rankings make any further significant changes in the weeks leading up to the end of 2018? What are your predictions for the cryptocurrency top-ten in 2019? Let us know your thoughts in the comments below!
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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