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In a fresh reshuffling of crypto market rankings, Stellar (XLM) has surpassed Bitcoin Cash (BCH) in market capitalization.
According to current market data, Stellar now has a larger market capitalization than Bitcoin hard fork, Bitcoin Cash. Stellar (XLM) is now the 16th largest cryptocurrency, with a market value of $8.4 billion, while Bitcoin Cash (BCH) is the 17th largest, with a market capitalization of $8.25 billion, according to CoinMarketCap data.
In positive news for Stellar (XLM), Nasdaq has reconstituted the Nasdaq Crypto U.S. Settlement Price Index, which currently serves as the benchmark index for the Hashdex Nasdaq Crypto Index U.S. ETF.
As a result of the reconstitution, the Hashdex Nasdaq Crypto Index U.S. ETF now includes Stellar and three additional digital assets: Solana (SOL), Cardano (ADA) and XRP, in addition to Bitcoin (BTC) and Ethereum (ETH).
What comes next?
As Stellar takes its place above Bitcoin Cash, the market will be watching intently to see if XLM can maintain its position and continue climbing the ranks.
Stellar has made significant progress over the last year and appears to be well-positioned to capitalize on the surge in demand for blockchain-based financial infrastructure.
Stellar continues to build quietly, having powered cross-border payments in over 70 countries and processed billions of transactions. Stellar has become the backbone for on-chain real-world assets (RWAs), with $17 billion in volume and $522 million currently on-chain, placing it among the top blockchains for tokenized financial assets. Ongoing optimizations are being made to Soroban, the Stellar smart contract platform, including concurrency, aggressive caching and ahead-of-time compilation.
Bitcoin Cash has maintained its position within the top 20 cryptocurrencies so far despite recent market volatility. A surge in buying demand might propel BCH higher in crypto market rankings, with eyes on what comes next.
Vladislav Sopov
U.Today Editorial Team