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24 March 2023

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Ethereum

Ethereum is again the world’s largest altcoin

by PumpMoonshot0580

Last Friday, a large number of cryptocurrencies suddenly rose in value. The price of bitcoin (BTC) fluctuated around $ 3,400 for a while and rose to about $ 3,650. Ethereum (ETH) also enjoyed such an increase. The price of ETH went Friday from about $ 105 to $ 120 and has so far retained that value.

In terms of market capitalization, ethereum has risen to around $ 12.7 billion. This means that the ripple (XRP) has again caught up with the list of top cryptocurrencies. Ripple’s market capitalization has a value of around $ 12.5 million at the time of writing.

Ripple caught ethereum a few months ago, but this weekend ethereum has become the top altcoin again. It is still unclear why ethereum experienced stronger growth than ripple last weekend.

It is speculated that the price increase of litecoin (LTC), through the announcement of the MimbleWimble privacy protocol, also pulled up the other cryptocurrencies. Also the announcement of the sale of shares and exchange-traded funds (ETFs) for bitcoin on Abra as well as the news about the probable approval of a bitcoin ETF as potential catalysts are mentioned.

That ripple shows less strong growth than the other cryptocurrencies is surprising. Ripple showed quite some momentum lately. In January, the RippleNet payment network announced that it has already reached more than 200 customers.

Whether ethereum knows how to keep this top position still has to be proven. The market capitalization of ETH and XRP are still close to each other and it is possible that ripple will soon overtake ethereum again.

It is also possible that ethereum will experience a price increase by the Constantinople hard fork scheduled for February 27th.

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