Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writing, Bitcoin Cash is suffering similar market fate as others in the top 20 ranking as their values have dropped without any sure indication they will recover soon. What makes Bitcoin Cash’s story a little different in the current situation is that it has slid twice this week from its held fourth position.
The extended bearish state of the crypto markets shows that Bitcoin, as the main backbone for many others, is being tested again for its competitiveness and its long term viability. Yet, it holds its position on top. Next to it is Ripple which recently overtook Ethereum to snatch the second spot in terms of market cap. It has since held on to the new spot. Stellar is now testing the same move on Bitcoin Cash as it seeks to push the Roger Ver-led fork of the Bitcoin main chain a step lower on the ladder. It has happened twice this week which means it could stick if Bitcoin Cash continues on its downward trend in the ranking since a thin line separates its market cap from EOS‘s.
Stella over Bitcoin Cash?
Stellar’s existence since 2013 and subsequent rise have not been frosty in relations to Bitcoin. Its rise, as sustained so far, has been in line with its objective to serve the global business market connecting banks to create payments systems that could serve many countries including those in developing regions. Stellar is targetting the same market as Ripple. They both seek to take over the global financial system by capturing the seamless cross-border payment services sector as leaders. This credibility seems to make Stellar a somewhat credible complement to Bitcoin. It would take some time to know if this would be.
Unlike Bitcoin Cash, whose split from the Bitcoin network last year raised a lot of questions, do you think Stellar stands a better chance at not eroding trust in the reliability of cryptocurrencies?