While everyone is discussing the correction of Ripple, Ether strengthens its position of the second cryptocurrency after Bitcoin.
Why is Ripple price going down and Ethereum rising?
Since January 4, the market capitalization of Ripple has decreased from 148 to 75 billion dollars or almost 2 times in one week. On the contrary, the market position of Ethereum has strengthened - the capitalization has grown from 85 to 135 billion, although today, after reaching a record level, this figure fell to 125 billion.
The price of the cryptocurrency tonight exceeded the $1,400 mark, charging more than $200 for several hours.
The price at the peak was $1417, and the capitalization - $137 billion. At the moment, the price slightly adjusted to $1381.
Over the past month, there has been a significant increase of Ethereum. On December 10, the currency was trading at $440, and by the current moment it grew by $1,000, that is, more than three times.
The Ethereum network effectively copes with the load
Moreover, Ethereum remains one of the few Blockchain networks that have a reasonable market capitalization. Decentralized applications based on Ethereum, such as CryptoKitties, 0x, EtherDelta, Status and OmiseGo, have attracted a large base of active users, who conduct hundreds of thousands of transactions every day.
In the short term, it is likely that the upward trend in the price of Ether will continue, as decentralized applications on the network work efficiently.
Benjamin Dives, CEO of the London Block Exchange (BLX), said about Ether:As investors move in some of their vastness, Bitcoin profits to other cryptocurrencies, many cast their gaze over to the most popular decentralized computing platform in the world - Ethereum. The market is again waking up to the platform's huge potential.
Information Source: CNBC