Bitcoin cash has lost position in the ranks of the top-10 cryptocurrencies as it lost its place to fast-rising altcoins of ChainLink, Uniswap, and LiteCoin. The positional drop is coming amidst the strong price recovery across crypto markets which has seen it gain almost 7.01%, as technical traders eye the $850 mark.
In retrospect, the all-time high of Bitcoin Cash is the $4,000 price it attained during the 2017 bull-run. Of recent, Bitcoin Cash’s highest price performance is the $755 level recorded in the second week of February this year. As of Tuesday, one Bitcoin Cash (1 BCH) is equivalent to 0.009896 Bitcoin on most crypto exchanges, which also equals a 99% depreciation in its value since when it was created as a Bitcoin hard fork.
Bitcoin Cash Still a top Altcoin
At the daily average price of $542, Bitcoin Cash is still miles away from the peak amount it recorded in 2017. But that notwithstanding, Bitcoin Cash has maintained its reputation as the only top-performing altcoin forked from the Bitcoin network.
Bitcoin Soars Above $1 Trillion Market Cap
For just the second time in history, the total valuation of circulating Bitcoins crossed $1 trillion on Tuesday as one Bitcoin traded for $54,343- that is, an 8.35% gain on the previous day’s value.
The milestone can be attributed to the fact that just this year alone, Bitcoin has received backing from more influential quarters with corporate organizations such as Tesla, PayPal, Goldman Sachs, Microstrategy, etc., proactively lending their support for cryptocurrencies and blockchain technology.
As more and more institutional bigwigs join the fray, analysts speculate that come 2022, Bitcoin would easily surpass $100,000 in value. Interestingly, if that is achieved, it would double the current market capitalization to an astonishing $2 trillion. Yet, there are about 18,649,162 BTC in circulation, with around 3 million more to be minted.