ETH aims to outstrip second place after 15% gain
On Friday, the cryptocurrency market underwent a strong reversal after a red day. In the last 24 hours, for data compiled by Live Coin Watch, Bitcoin (BTC) has grown by 7.22%. And, interestingly, since the overcoins underperformed BTC on Thursday, Friday's highest leg saw a series of important cryptographic alternative assets, such as Bitcoin Cash (BCH) and XRP, post-double-digit gains that would envy investors of the stock market.
Yet, as usual, there have been some cryptocurrencies that have distinguished themselves as sores, so to speak. Friday's main activity was Ethereum (ETH), which currently rose by 16.3%. The ether is the most performing good deriving from the thirty nascent activities of this nascent sector. At the time of writing, ETH currently costs $ 136 apiece, compared to the daily minimum of $ 115 established Thursday.
Although this move seems harmless enough, the 15% increase only underscores Ether's strong performance in recent weeks, which began after the business rebounded from a record low to $ 81. In fact, the value aggregate of all existing ETHs began to approach the market capitalization of all XRP circulation. More specifically, ETH currently has a value of $ 14.15 billion, while XRP is valued at $ 15.275 billion. There remains a difference of 8%, but this happens after the two activities converged in mid-November, especially when XRP started an independent micro-run that shocked the mass merchants.
XRP can hold its headquarters
Some supporters of Ethereum have begun to argue that Ether could again make a move on the second seat of XRP. But Ripple's rude people say it may be too early to make such an ambitious call. As stated in a recent report by Ethereum World News that highlights the performance of XRP and Ripple in 2018, perhaps the second most valuable digital currency by market capitalization can maintain its headquarters in the coming year.
Many have argued that 2018 was a crucial year for Ripple and, by extension, XRP. In this case, RippleNet, an on-demand liquidity provider for cross-border transactions, has seen unparalleled adoption. The application now serves more than 100 institutions, covering forty countries on six continents. MercuryFX, one of the first users of the product, praised the solution in April, stating that higher levels of liquidity and faster transactions were achieved.
In terms of XRP, The Next Web, the popular cryptocurrency has been listed on Revolut, eToro and Uphold. While some of these platforms only provide CFDs rather than physical titles, these additions are still positive. XRP has recently been added to Binance as a base pair, as recently confirmed by Ethereum World News.
And if XRP is added to Coinbase, some advocates of the resource would argue that the fate of Ethereum will be sealed since then, as a list on that platform could push Ripple's go-it heritage to new heights.
Do not count Ethereum out of the race
And while some argue that XRP has more tailwind than Ether, some may argue that the Ethereum network is still doing well and dandy. Case in point, the updating of Constantinople of the project, the next step in the multi-year plan of Ethereum to integrate Serenity (Proof of Stake, sharding, etc.), is expected to be activated in the next three weeks.
According to previous reports by Ethereum World News, Constantinople, which will cut the emission rate of Ether by 33% and activate short-term scaling solutions, will activate (through a hard fork) the processing of 7,080,000 blocks. Many analysts, such as Alex Kruger, believe that the activation of the series of protocols will be "decidedly bullish", especially since the so-called "third level" begins to play a role in the supply and in the application of Ethereum, probably pushing prices higher in time.
And, with the Commission on recently published public commodity futures (CFTC) for public comment ("request for information") on Ether, some believe that a tool supported by ETH, such as the future proposed by Ethereum supported from CBOE, both right behind the corner. The advent of a product of this kind could push the asset higher up over time.
But will these catalysts allow the ETH to overcome its rival in XRP? For now, it remains to be seen.
Title Image Courtesy of Kayla Harris on Unsplash