In typical cryptocurrency market ways, the community is left awestruck with the developments in the market. While most traders were making plans and strategies on how to trade more effectively this year, the market has once again proven that its behaviour cannot be predicted.
Just a while ago, Ethereum dethroned Ripple after a better part of a year, to once again regain its title as the world’s second largest cryptocurrency.
Ethereum replaced Ripple a short while ago, right after a long 24hour battle. In which both coins came neck and neck with each other. But as of right now, Ethereum’s market capitalisation has gone up significantly and is expected to increase further.
Over the next hour, Ethereum’s market capitalisation is said to land and stabilise at $15 billion, which is a comfortable 1 billion above Ripple’s XRP. So, for all intents and purposes, Ethereum has knocked Ripple far behind, at least for now.
Ethereum Is Back In The Game
At the time of writing Ethereum is again the second largest cryptocurrency in the market and the world on the basis of market capitalisation. And in the past twenty-four hours, made close to 8% gains.
After a rather sluggish year in which Ethereum lost more than 75% of its value, Ethereum is finally starting to show some movement in a positive direction. And what better way to kick start the year, for the Ethereum Network, than to regain its position as the world’s second largest cryptocurrency.
With Ethereum back with a comfortable 1 billion gap between itself and Ripple’s XRP, it is clear that Ethereum is back in the game and is here to stay for now.
Rebound Was Expected
Towards the end of last year, the Ethereum Network announced a bunch of hardforks that were scheduled for January. One of the hardforks that are scheduled is the one in which the entire Ethereum Network will get an overhaul and update.
As soon as these hardforks were announced, the cryptocurrency community was sure that Ethereum would have a surge in price and volume as the dates got closer. And low and behold, that is exactly what happened. But the bonus of the surge price is that Ethereum came back to its prized second place.
Crucial 24 Hours
Though there is a comfortable difference in the market capitalisation of both coins, there is no guarantee that Ethereum will stay there. Ripple, though it has only made close to 4% gains in the past twenty-four hours, it has managed to push its market capitalisation by quite a bit.
With that being said, the XRP token may just be able to overtake Ethereum again. Which makes the next twenty-four hours very crucial for both coins and the communities around them.
Currently, ETH is trading at $146.45 USD and XRP is trading at $0.36 USD.
Must Read ICE Announces Bakkt Partners
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
Subscribe To Our Newsletter
Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.
You have Successfully Subscribed!
Subscribe to get notified on latest posts.