Home / Ethereum / Ethereum in Recovery Mode, closes Gap on XRP with 18% of Surge

Ethereum in Recovery Mode, closes Gap on XRP with 18% of Surge

This year's encrypted route was more painful for some of the others. Ethereum was one of the most suffering, hit by fundamentals over a bear market.

High and low of Ethereum

Several factors have pushed the prices of Ethereum into the ground this year. First of all, it is the ever-present threat of repression by the US Securities and Exchange Commission on ICOs and ERC20 tokens that it does not approve of. Secondly it was the selloff of ICO projects that raised funds in ETH last year and failed to meet their goals. It will probably be almost over when the war chests have been emptied.

Finally, the technical delays in meeting the objectives of the roadmap for the implementation of advanced scalability solutions have hampered the performance of Ethereum. So much so that it was overtaken by Ripple's XRP token, which had a relatively much more productive year.

Ethereum hit the bottom on December 15 when it fell to an annual low of $ 83. This was the lowest ETH price since the start of May 2017, when things were just starting to rise. From the historical maximum marks an epic collapse of 94% in eleven months.

From that low point, however, Ethereum managed to recover 80% in just nine days. Only in the last week did Ethereum reach 75% of the current price of around $ 150. Today it increased by 18% during the Asian trading session.

The daily trading volume for ETH rose to $ 4 billion a few hours ago. Compared to only $ 1.5 billion this time last week, this is a huge increase for the Ether business. It is not surprising that the first four exchanges manage most of this volume; OKEx, Huobi, Binance and Upbit.

Raiden to the Rescue

The moment is likely to come from the Raiden network live on the main Ethereum network. An alpha trial version called 'Red Eyes & # 39; It's open to test bugs with a size for those who make discoveries.

"We hope you'll enjoy testing software and making off-chain token transfers using our payment channel network on Ethereum's main network – this is a first step to bringing the vision of Raiden Network, which we've worked on for a long time ", concluded the post.

Ethereum is definitely getting the benefits today has better performance than all the cryptocurrencies in the top ten. The gap between ETH and XRP has now closed to $ 2 billion in market capitalization and Ethereum is trying to recover its scope.

Image from Shutterstock

Source link