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Bitcoin cash is down 9.83% in the 24 hours after losing its spot as the third most valuable cryptocurrency by market cap.
On Thursday, Ripple’s XRP currency jumped about 78% to a market cap of $320.29 billion, overtaking bitcoin cash as the third largest digital currency. XRP is trading down 6.69% on Friday, according to data from Markets Insider.
Bitcoin cash was created earlier this year when it split from bitcoin. Some bitcoin miners were unhappy with the direction of the cryptocurrency and decided to clone bitcoin’s payments history and begin going in their own direction. Since the split, bitcoin cash has struggled to keep pace with its namesake, but is still up 534%.
Bitcoin and ethereum hold the top two spots in terms of cryptocurrency market cap, with the former’s commanding more than $300 billion, according to CoinMarketCap.com. There are currently 24 cryptos with a market cap larger than $1 billion.
Bitcoin cash is up 48.97% over the past seven days, currently trading at $1,763 a coin.
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