A fresh rivalry is brewing in the crypto rankings as Bitcoin Cash (BCH) edges past Shiba Inu (SHIB) in the battle for market cap dominance. As of now, Bitcoin Cash ranks as the 17th-largest cryptocurrency by market capitalization, while Shiba Inu presently sits in 18th place, according to CoinMarketCap data.
Bitcoin Cash's market capitalization is currently $10.34 billion, allowing it to surpass the dog coin, which now has a market capitalization of $8.93 billion in the rankings. With both assets now neck and neck, the market waits to see what happens next.
Shiba Inu climbed higher in the crypto market rankings, nearing the Bitcoin hard fork, as the market experienced a bullish surge that benefited meme coins, including Shiba Inu.
The Shiba Inu derivatives market is seeing significant activity, with open positions in Binance-listed futures contracts reaching their highest level since December.
SHIB's price has risen 31% this month, with a clear recovery pattern emerging after months of dropping and consolidation.
At press time, SHIB was down 3.94% in the last 24 hours to $0.000015 due to recent market profit-taking, having achieved a high of $0.00001598 on July 21 after six consecutive days of increases.
Bitcoin Cash, which split off from its parent currency in 2017, is the most popular and widely traded of the 100-plus Bitcoin "forks." In practice, it behaves similarly to Bitcoin (BTC) but with a substantially bigger block size and a completely distinct underlying blockchain.
Bitcoin Cash has been on a tear since its April low of $249, with three consecutive months of price increases, and July set to be the fourth. BCH is now trading at $515, down from a high of $553 reached on July 20.
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