XLM Recovers Quickly To 5th Largest Cryptocurrency After Market Dip

Stellar XLM has made the quickest of resurgence from the bloody crypto market to reach a new milestone. At the time of writing this report, XLM has overtaken EOS, to become the fifth largest cryptocurrency by market cap.

The triumphant altcoin is seeing over 3% gains on the daily trading chart, a sharp contrast to EOS which is recording over 1.69% losses on the day. The growth of XLM has seen its market cap grow up to $4.6 billion which is nearly $500 million more than EOS whose market cap was $4.1 billion at press time. The prices of XLM and EOS were $0.239 and $4.55 respectively.

How XLM Recovered From Bearish Market

Everyone keeping a close eye on the crypto market recently will mark Nov 14 and Nov 15 as the day when Bitcoin lost almost 15% of its value and dropped below $5600 for the first time in 2018.

However, during this same period, XLM lost less than 10% of its value moving from $0.25 to $0.21. Following the end of the massive crypto sell-off, XLM immediately set on its way to recovery and have regained nearly all that was lost to the market decline. A press time value of $0.239 says it all and explains how hard XLM has fought against the bears.

XLM Could Dethrone BCH

The next target for the resurgent altcoin would be to unseat controversial Bitcoin Cash as the fourth largest cryptocurrency by market cap. A massive gap (around $3 billion) still separates XLM from BCH at press time.

The journey from now on may look unattainable to spectators but not XLM. BCH has continued to experience a steady decline after the hardfork on Nov 15 and could see even more losses when one of the split chains become stable. This may present the opportunity for XLM to put up a good fight and stake a claim for the fourth place.

How this event turns out will be worth keeping an eye out for since it could see BCH lose its prominence in the crypto space after its latest controversy.

 

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