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Ethereum had a great day today registering a massive price increase of 18% and by extension its market capitalization. Considering that the XRP only saw a slight jump of 4.87%, the market capitalization of Ethereum is dangerously close to the reversal of XRP and the recovery of the second position in the market. The difference is currently $ 600 million, the XRP is 15.5 billion and the ETH is 14.9 billion. Keep in mind that the difference is on average about $ 3 billion since the flip happened in November.
Ethereum is having a big day on the whole, since not only the volume of the trade has skyrocketed, its chain activity, which is one of the main proxies of the intrinsic utility of a network and the main price factor, has seen also a peak compared to its usual numbers.
According to Messari's data, Ethereum had $ 551 million in volume of the on-chain transaction (rectified volume tx) in the last 24 hours, dragging only BTC in this direction. On the other hand, the XRP recorded $ 172 million worth of value moved to its ledger.
The number of active accounts was 246 k, which was sufficient for second place again just behind bitcoin. XRP only had a shred above the active 7k accounts.
In the total number of transactions, Ethereum surpassed all except EOS by registering more than 600,000 transactions in one day. EOS was the undisputed leader in this category with 4 million transactions. Surprisingly, Tron has experienced a big dip in their tx numbers, from the usual 1.5 million to just 150k.
XRP had only 172,000 transactions in the last 24 hours.
In addition, the NVG value of Kalichkin in the last 30 days fell to 24, which represents a significant improvement over the previous period, when it fluctuated around 40 for most of the time.
The NVT ratio (ratio of network value to transactions) is similar to the PE ratio used in the equity markets.
When Ethereum's NVT is high, it indicates that its network rating exceeds the value transmitted on its payment network, this can happen when the network is growing strongly and investors rate it as a high return investment, or alternatively when the price is in an unsustainable bubble.
The NVT is calculated by dividing the Network Value (market capitalization) by the daily USD volume transmitted via the blockchain. Kalichkin's NVT
divides the daily network value of 90 days in moving average of the transaction volume.
It seems that Ethereum is returning to normal and a likely rise in token ether prices is likely, but this time on healthy fundamentals and assets in the underlying network.
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The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.
The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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