Cryptocurrency market update: $2 billion wiped from the market as Ethereum (ETH) heads for XRP’s 2nd position
|- Ethereum is closing in on Ripple’s XRP to reclaim its second position in the market.
- ETH is getting ready for a new year rally ahead of the much anticipated Constantipole upgrade.
The cryptocurrency market is relatively stable on the last day of 2018; the year of reckoning in the industry. Cryptocurrencies have experienced the highest volatility in history while at the same time gone through some of the worst selloff in the recent years. Bitcoin declines from the all-time highs around $20,000 to annual lows of $3,200 in the last month of year. All the predictions that Bitcoin price will lead the recovery in the market never came to pass and it is now apparent that we will close year with BTC stuck in a bear range below $4,000.
The total market capitalization has been rising steadily from 2018 lows around $100 billion. December has experienced both upswings and downward spirals. However, cryptos have been unable to hold the market value above $140 billion. Moreover, at least $2 billion has been lost since yesterday from $130 billion to the current $128 billion.
Ethereum (ETH), for a long time held tight to the 2nd position in the market after Bitcoin (BTC). This also meant that it was the largest altcoin in the market; a position that is currently held by Ripple’s XRP. Ripple’s XRP has been able to weather down declines magnificently over last three months compared to assets like Bitcoin and Ethereum. The dwindling price of Ethereum gave XRP the energy to battle and become the world’s second largest digital asset.
However, this situation is likely to change in the first quarter of 2019. As discussed earlier, ETH/USD is getting ready for a new year rally ahead of the much anticipated Constantipole hard fork upgrade.
Read more on Ethereum’s hard fork here.
At the time of writing, Ethereum is closing in towards Ripple’s XRP in terms market cap. ETH currently stands at $14.22 billion while XRP is holding ground at $14.68. If Ethereum continues to receive the support due to the impending network upgrade, we will soon see the asset back in its second position. Besides, recently the co-founder of the network, Joseph Lubin told the community that the “sky is not falling” and the network is on the right track when it comes of development.
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