Bitcoin Cash (BCH) has recently made a significant move in the cryptocurrency rankings, reclaiming its position as the 11th largest asset by market capitalization. This shift comes not primarily from substantial growth in BCH itself, but rather from a notable decline experienced by Monero (XMR), which it successfully flipped.
Monero's Slide Paves the Way
The primary catalyst for Bitcoin Cash's ascent in the rankings is the pronounced downturn in Monero's market performance. Monero, a prominent privacy coin, has seen its market capitalization plummet by 10.9%, settling at $10.37 billion, largely attributed to a fading interest in privacy-focused cryptocurrencies. This decline was further exacerbated by a significant 11.2% drop in its price over 24 hours and a 13.89% weekly loss, indicating sustained bearish sentiment. Profit-taking after hitting an all-time high earlier in the year further compounded Monero's losses, creating an opening for Bitcoin Cash despite BCH's own recent minor fluctuations.
Bitcoin Cash's Current Stance and Future Outlook
While Bitcoin Cash has also experienced its share of market volatility, including a 5.83% loss over the last seven days and rejection at the $600 mark, its decline has been less severe than Monero's. Currently trading around $571.48, BCH holds a market capitalization of $11.47 billion. Analysts suggest that Bitcoin Cash may have bottomed out, maintaining support above the critical $563 level. An upward trajectory toward the $590 zone could signal a potential rebound. Looking ahead, BCH eyes the ambitious goal of entering the top 10, needing to bridge a gap of approximately $1.5 billion to challenge Cardano (ADA), which currently holds the 10th spot with a market cap of $12.85 billion.
