Ethereum Ousts XRP As Second Cryptocurrency
In recent weeks, as widely covered by Ethereum World News, XRP, the go-to resource for fintech, Ripple, has begun to underperform Ether (ETH). ETH started operating in mid-December, surpassing most other cryptocurrencies, bouncing from a low from the start of the year to $ 81 to a maximum of more weeks of ~ $ 157 in a few days.
And while the business has since retreated, along with the rest of this nascent market, Ether is still outperforming its peers, even its rival – XRP. Since joining Binance as a base pair, the resource has taken a strong downward move on Bittrex's ETH / XRP pair. More specifically, since the historical maximum of 0.00365 ETH was established on December 19, the business has moved lower and lower.
On Wednesday morning, the resource suddenly dropped rapidly, losing 2% of the relative value in an hour, then standing at 0.00248 ETH.
This downward movement allowed the aggregate capitalization of Ethereum to surpass that of XRP, which is now the third most valuable cryptocurrency.
At the time of writing, Ether, currently valued at $ 143.8 apiece, has a $ 268 million lead over his rival. But considering that the two cryptocurrencies have spent most of the day upside down, it would not be surprising if the gap proceeded to close.
This battle for second place comes after the two cryptocurrencies started to duel it in November, when XRP suddenly overtaken Ether. At the time, some thought it was over for the project dubbed the "world computer". But, in the past weeks, as already mentioned, the resource began to return.
On December 29th, ETH registered a 15% gain, making it possible to close the gap to $ 1.2 billion. A few days later, the gap closed at $ 700 million, as Ether continued to outperform almost every single cryptocurrency in the first twenty. Now, it seems that the gap is now at the end of XRP. For now, at least.
Potential catalysts for Ether Rally
- Rising Fork of Constantinople: Ethereum Constantinople continues to loom closer and closer. Since the hard fork has been considered long-term bullish by a number of analysts, due to the upgraded feature of reducing the emission of Ether, price action is was somehow justified.
- ConsenSys is doing well and DandyJoseph Lubin, founder of the Ethereum Development Consortium, ConsenSys, said his company, the backbone of the aforementioned network, is behaving in a relatively refined and dandy manner, despite layoffs. This probably re-established investor confidence in ETH.
- Fly over its Top 10 counterpartsFor most of 2018, Ether has been drastically hypervized compared to its peers in the top 10 of cryptocurrency. In fact, at its minimum level, the asset was down nearly 95% from its all-time high, while BTC was only down 85.5%. This recovery is quite logical, especially considering that the projects supported by the ICO were liquidating their holdings of Ether seemingly without rhyme or reason.
Title Image Courtesy of Marco Verch Via Flickr