Right now the top five cryptocurrencies have been switching positions as far as the market capitalization goes. Bitcoin cash was originally on the fifth position on the charts but after it gained a six percent increase it switched places with Litecoin and became the fourth cryptocurrency on the market capitalization charts.
Bitcoin Cash’s market capitalization is five billion dollars ($5.25 billion) as of now. Because of this, it overtook Litecoin’s market capitalization which stands at almost four point nine billion ($4.96 billion).
Both of these cryptocurrencies have been doing relatively good during the crypto winter and Bitcoin Cash has shown a hundred and thirty-one percent (131%) increase and Litecoin has shown a hundred and fifty percent (150%.) increase.
Even though Litecoin’s percentage is higher than Bitcoin Cash it still could not prevent Bitcoin Cash from overtaking its fourth position. This phenomenon demonstrated by Bitcoin Cash can be explained through its recent integration into the Huobi exchange
Vitalik Buterin, the creator of Ethereum, recently talked about Bitcoin Cash which could be taken as publicity and also possibly a reason for this phenomenon. Vitalik Buterin shared some good points about Bitcoin Cash in a recent interview.
If we look at the Bitcoin Cash/ United States Dollars chart we can notice that it hit a higher resistance level that priced bitcoin Cash at three hundred and twenty-seven dollars ($327.30).
This resistance level was unstable and the price fell back hitting below the three hundred dollars ( $300) mark. As of now, it is trading at two hundred and ninety-seven dollars ($297).
If the price level can be pushed above the three hundred dollars ($300) level somehow then we can expect a resistance level of three hundred and twenty-seven dollars ($327)
But if this is not achieved and the price continues to fall below the three hundred dollars mark ($300) then the expected support level will be two hundred and fifty ($250). According to the Stochastic RSI, the bullish market momentum is going to be on the rise for quite some time.