Famous for having a decentralized app network and being cryptocurrency rival to Bitcoin, Ethereum managed to recoup its second spot in the cryptocurrency rankings.
After previous week’s abrupt market pump, Ethereum overtook Ripple’s XRP digital token and reclaimed the second rank in the list of the world’s largest cryptocurrencies by market capitalization.
This second spot was reigned by Ethereum for over a long time until Ripple took it over. However, things are back on the same track for Ethereum since last week. There were rumours about Ethereum going dead due to the continuous decline in its price but that’s not the case any more.
Over the last twenty-four-hour period, the Ethereum price has increased by 3% over to $120 per Ether token, as per the latest CoinMarketCap prices. On the other hand, Ethereum’s rival, Ripple (XRP) has remained flat and the entire market clasps its gains from the recent last week.
Bitcoin is currently trading at $3,636.26 (at the time of writing) and has gone up by 5% over the previous week after surpassing a relatively minor bull run flashed by news of an upgrade in the Litecoin network.
Ethereum: Sudden Rise in Price
According to a cryptocurrency whale tracker, it has been seen that a large number of Ethereum holders have managed to give a sudden boost to Ethereum’s price amid a largely flat cryptocurrency market.
A bunch of so-called crypto whales traded some $8.5 million worth of Ethereum over the last 24 hours, adding to Ethereum daily volume of $3.2 billion. Generally, it is considered that cryptocurrency markets remain trivial enough to be stirred by large trades at either above or below the market rates.
At the moment, Ethereum has a market capitalization of over $12.6 billion, which is slightly above Ripple’s XRP whose market cap is $12.5 billion on the coinmarketcap.
Litecoin Makes a Good Impression
In the list of largest cryptocurrencies, Litecoin retains the fourth rank with a market cap of $2.6 billion.
Mati Greenspan, senior market analyst at cryptocurrency broker eToro said in a statement that crypto price movements have been encouraging over the previous week as Litecoin has experienced an impressive price hike of around 40%. He also went on to say that we are not out of the bear market as yet.
Right after a report revealed that several Ethereum apps are left unused, the price of Ethereum skyrocketed. Of some 1300 live dApps, 86% had no users during last Saturday while only 7% of them that were running on Ethereum had any transaction volumes over the last twenty-four hours.
In fact, there are many experts who expect that the upcoming real Bitcoin and cryptocurrency bull run that is responsible for bringing the price back to the highs seen around late 2017 and early 2018 won’t occur until use of cryptocurrencies expands throughout the wider population.
Ripple Expands its Partner Network
Despite the good news continuing to roll in for Ripple, its price has got stuck in the meantime after experiencing a series of rises in the previous year. The company has managed to bring in new partners in recent months and is all set to take over its institutional competitor Swift.