Ethereum Returns to Number Two Position on the Coin Market Cap
The current figures made available on the popular coin price monitoring platform, CoinMarketCap, the market capitalization of Ethereum has returned back to number two from number three on the top 100 Cryptocurrencies by market capitalization list.
Ripple Had a Drop in Value
In the early hours of today, January 2nd, 2018, the price of Ripple (XRP) which is originally sitting on number two on the top 100 Cryptocurrencies by market capitalization list dropped by 2 percent. Relatively, the value of Ethereum (ETH) jumped by a whopping 15% on the
On December 29th, thereby giving the coin an additional $1.2 billion in Market Capitalization.
Currently, the price of Ethereum Stands at about $150.8 per token. Its market capitalization is about $600million more than that of XRP.
As huge as the gap looks on paper, it is still a very close one. Therefore, ETH has not fully escaped dropping back to the third position. However, if ETH continues its increase in price with a dropping or stagnant XRP pricing, ETH is going to remain in its well-deserved position as number two crypto in the world.
The two coins (XRP and ETH) embarked a massive dump in price in November last year. ETH had more than 50 percent of its market capitalization shaved off in the process. Several technical and fundamental analyst even reported that Ethereum was heavily oversold then.
Ethereum (ETH) Oversold
Its oversold nature has also been attributed to the increase in price and market
This phenomenon was fully explained in a recent report which reads:
For most of 2018, Ether has been drastically oversold in comparison to its peers in the cryptocurrency top 10. In fact, at its low, the asset was down almost 95% from its all-time high, while BTC was only down 85.5%. This recovery is somewhat logical then, especially considering that ICO-backed projects were liquidating their Ether holdings seemingly without rhyme nor reason.