Ethereum (ETH) is on fire: Skyrockets past Ripple’s XRP to reclaim market 2nd spot
|- Ethereum (ETH) is among the biggest single-digit gainers on the day.
- The real battle is between Ethereum (ETH) and Ripple’s XRP.
- Ethereum intends to retain the second position in the market.
As the new sets is, investors in the industry are hopeful that 2019 will a year the crypto market reverses the bear trend. For the entire 2018 the market kept attempting recovery, however, the bulls lacked the momentum to sustain growth past certain resistance levels. The recent in November and December pushed the assets further downstream while the market cap slumped slightly below $100 billion in comparison to $800 billion achieved in January 2018.
Meanwhile, most assets are showing signs of reversing the trend right from the beginning of the new year. It is a head to head battle between buyers who will like to see the cryptos move past key hurdles while the bears plan to keep the assets below the long-term descending trendline.
Ethereum (ETH) is among the biggest single-digit gainers on the day. The asset is up 4.17% on the day while other virtual currencies like Bitcoin (BTC) and Ripple’s XRP and Bitcoin Cash (BCH) among others are still languishing in the sea of red.
The real battle is between Ethereum (ETH) and Ripple’s XRP. The latter has been holding tight as the world’s second largest crypto after it surpassed Ether. Ethereum came under acute selling pressure in 2018. The asset not only lost its position in the market to XRP, its value declined extensively from around $1,400 to lows around $80.00.
At present, Ethereum is exchanging hands at $148 and has a 24-hour trading volume of $2.56 billion. It has correction higher by 8% in the same period and its market capitalization stands at $15.27 billion. On the other hand, Ripple’s XRP is valued at $14.85 billion and has a 24-hour trading volume of $442.09.
Ethereum is likely to retain the second position due to impending hype that will surround the Constantinople upgrade. The hard fork upgrade will take place in two weeks and will see the network’s capacity increase to over 1,000 transactions per second.
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