Cryptocurrency Wars: Ethereum Topples Ripple Following Coinbase Announcement

E L Emerson

The versatile Ether currency, whose Ethereum platform allows developers to build apps like Initial Coin Offerings (ICOs), has regained its position as the world’s second-largest cryptocurrency after upstart Ripple manage to outstrip it’s decentralised rival for that title just 10 days ago.

The sudden drop in Ripple’s value has been attributed in part to the announcement by Coinbase that it will no longer list any new coins on its online exchange, pushing Ripple out of the mix of possible new entrants. 

Ether, which had fluctuated between about $880 and $1,190 since the start of the year has regained momentum and, at the time of writing was trading above $1,300 per coin.

Ripple and its XRP altcoin, whose prices have arced from circa $1.90 to about $2,40 over the last week after touching briefly on a high of $3.30, has fallen more than 14% in recent trading.

The San Francisco-based altcoin has eschewed the decentralised approach taken by most of the circa 1,395 cryptocurrency coin market members now in existence and had grow its value from circa $200 million to an estimated $115 billion over the last ten months.

However, new estimates suggest Ripple’s value has now fallen to just under $100 billion. 

Despite the short-term currency position flip-flop there there have been clear signs of an overall upward momentum in the crypto-trading market, even as alpha-position Bitcoin continues to meander between the $13,400 to $15,300 trading range since the first week of 2018.

Bitcoin remains far and away the cryptocurrency king, with a market capitalisation in excess of $250 billion.

E L Emerson, Editor, HNW

 

 

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