Bad news today for the owners of Bitcoin Cash (BCH), a spin-off of Bitcoin (BTC) born from a fork: the cryptocurrency has officially abandoned the Top 10, following the growth of Dogecoin (DOGE).
Data from Cointelegraph Markets and CoinMarketCap show that BCH now ranks 12th, after being surpassed by both DOGE and Stellar (XLM).
The last few months have not been positive at all for the altcoin note: last week it was overtaken by Binance Coin (BNB), while in January by Chainlink (LINK): now BCH is only in 12th place in the ranking of cryptocurrencies with greater capitalization.
At the time of writing, BCH has a market cap of approximately $ 8.75 billion, behind Stellar’s 8.77 billion and DOGE’s 10 billion, whose price in the last 24 hours has increased by 28%.
While Bitcoin has strengthened significantly over time, BCH has yet to demonstrate a lot, beyond the occasional commitment from figures like Kim Dotcom. Proponents of altcoin believe it is superior to Bitcoin due to its faster and cheaper transactions.
The bounce of DOGE is not convincing
DOGE saw significant growth on Monday thanks to a new endorsement from rapper Snoop Dogg and Elon Musk, who posted another ironic tweet about his alleged passion for the coin. In an interview last week, Musk had already confirmed that he was a “supporter“of Bitcoin.
DOGE APPEARS TO BE INFLATIONARY, BUT NOT SIGNIFICANTLY (FIXED NUMBER OF COINS PER UNIT OF TIME), WHILE BTC IS PROBABLY TOO DEFLATIONARY. DOGE’S TRANSACTION SPEED SHOULD IDEALLY BE SEVERAL TIMES FASTER.”