Ethereum ETH has finally returned to its position

Ethereum ETH has finally returned to its position

After one and a half months trailing Ripple XRP as the most valuable Cryptocurrency, Ethereum ETH has finally returned to 2nd position. Ethereum lost the position on November 15, which coincided with the Bitcoin Cash BCH hard fork. However, a major bullish rally in the past four days has helped the ETH to eclipse XRP again, with a margin of $500,000 value. The currency has also hit the very critical price of $150 level again, for the first time since Christmas Eve. If able to find support at this level, it could spark a major Ethereum price rally that could bring back joy to investors in the embattled cryptocurrency."Ethereum ETH has finally returned to its position"

Ethereum ETH has finally returned to its position

Ripple XRP has proven itself to be a bit less susceptible to Cryptocurrency market wipeouts in the past two months. While XRP price is still 80 percent below its all-time high, it lost less compared to its competitors, more so Ethereum ETH. On the eve of the Bitcoin Cash BCH hard fork, Ethereum dropped 15 percent, with XRP losing 9 percent. This helped XRP to overtake ETH and become the second-most valuable cryptocurrency, only second to Bitcoin BTC.

ETH fightback has been phenomenal. Just a fortnight ago, Ethereum was trading at $83. While not directly connected, it was affected quite badly by the BCH hard fork, hitting a 30-day low. It was not a particularly good day for the other cryptocurrency either, with Bitcoin losing 11 percent.

However, two weeks later, Ethereum ETH has recovered $67, an incredible 80 percent gain. In the past 24 hours, Ethereum has registered a 10 percent gain. In contrast, Ripple has only gained 2.66 percent and was trading at $0.365 at press time. ETH market cap now stands at $15.6 billion, $500K higher than XRP’s which stands at $14.9.

OEX continues to be Ethereum’s biggest market, registering $165 million worth of trades. This calculated for 5.5 percent of the total volume. The cryptocurrency exchange, which is based in Singapore, is the 17th largest globally by trade volume. Global giants exchanges OKEx, Huobi, and Binance were the other major markets.

Ripple has been on the limelight again, with the polarizing question of whether XRP is a security taking center stage. In the past, the SEC has refused to rule out the possibility of  Ripple being security. In contrast, Jay Clayton, the SEC CEO has stated that XRP’s rivals Bitcoin and Ethereum aren’t securities. This has also been cited as the main issue Coinbase is yet to list XRP, even after newer projects like Ethereum Classic and 0x have been listed. The ripple community has awaited the Coinbase listing for over a year now, with rumors surfacing every now and then about it.

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