Bitcoin cash loses its position as the fifth leading cryptocurrency to Tether USDT. According to the CoinMarketCap, Tether overtook bitcoin cash as per the cryptocurrencies rankings by market cap. As we all follow market capitalization to find a way to ascertain the value of particular cryptocurrency.
To dive deep into the calculation, multiply both the prices and circulating supply. It shows as Market Cap = Price X Circulating Supply. Bitcoin cash loses around 12 % of its value within the last 24 hours. Bitcoin is also in a down mark, around $3,429 pricing. Tether USDT seems to boost up by 0.53 % considering its 24-hour volume.
Bitcoin cash SV seems to speed up heading in the top five soon along with EOS closely lurking behind it. Currently, Bitcoin cash is currently trading at $197 down in comparison to Tether which is trading around $434. However, the prices of Tether is fluctuating within the ranges, might rise above stellar taking the 4th position soon.
There was more recent news about Tether which might be a reason in flipping its prices up. On December 5, Tether flips Litecoin and takes the 7th position by market capitalization. Tether is ramping up the expectation of traders as stablecoins is working fine.
At the start of the year, only 3 stablecoins traded, with Tether owning 94% of outstanding stablecoin market supply. Competition has ramped up with at least 8 new contenders dropping Tether's dominance to 74% at the end of November.
— Diar (@DiarNewsletter) December 5, 2018
Despite the ongoing criticism and scrutiny, Tether is successfully maintaining its market share that their opponents are all vying for.
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