Bitcoin Cash Price Leaps 19% While Other Large-Cap Cryptos Flounder
The Bitcoin Cash Price leaped by 19 percent on Monday, headlining a tepid market advance which saw most large-cap cryptocurrencies struggle to tread water.
After beginning the day at $389.6 billion, the cryptocurrency market cap made a $10 billion advance, briefly crossing the $400 billion threshold before dipping back down to $399.3 billion at the time of writing. This represents a single-day increase of 2.5 percent.
Bitcoin Price Holds Below $9,000
The Bitcoin price appeared poised to reclaim the $9,000 mantle, and it flirted with this checkpoint throughout the weekend. However, the flagship cryptocurrency failed to assemble sustained support at this level and has settled down to a present value of $8,903 on Bitfinex.
Bitcoin now has a $151.4 billion market cap, which represents a 24-hour decline of one-quarter-of-one-present and translates into a 37.9 percent share of the total market index.
Ethereum Price Posts Minor Gain
The Ethereum price managed to return a slightly better single-day performance, rising two percent to $636 on Bitfinex. Ethereum has a $63.1 billion market cap, as well as a 15.8 percent share of the total cryptocurrency market cap.
Bitcoin Cash Price Leaves other Large-caps in the Dust
Most top-tier altcoins returned single-day performances that largely tracked with those of Bitcoin and Ethereum, though there was one notable exception: Bitcoin Cash.
The Bitcoin Cash price exploded by 19 percent on Monday, punctuating a weeklong surge that has seen BCH soar by 83 percent against the dollar. Bitcoin Cash is now trading at $1,394, which translates into a $23.9 billion market cap.
It’s unclear precisely what is fueling Bitcoin Cash’s impressive rally, but it has brought the fourth-largest cryptocurrency within $10.4 billion of third-ranked Ripple, whose price declined two percent for the day and is currently valued at $0.87.
Fifth-ranked EOS declined by one percent to $11.58 but managed to retain its edge on Litecoin, whose price rose by nearly one percent to $151.
Cardano and Stellar each declined by approximately two percent and are now trading at $0.28 and $0.37, respectively.
Next to Bitcoin Cash, IOTA posted the top-tier’s most impressive return, rising five percent to $2.16.
NEO rounded out the top 10 with a one percent increase to $77, which allowed the cryptocurrency’s market cap to inch across the $5 billion threshold, marking the first time in quite awhile that every top 10-cryptocurrency has held a circulating market cap above this level.
