Against All Odds – Ethereum Refuses To Plunge

Against All Odds – Ethereum Refuses To Plunge

Since Monday, most of the cryptocurrencies on top 20 have faced severe price drops with Ethereum being a notable exception. One of the largest digital currencies by total market cap, Ripple, faced 50% decline. However, analysts predict no future falls.

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Since Monday, most of the cryptocurrencies on top 20 have faced severe price drops with Ethereum being a notable exception. One of the largest digital currencies by total market cap, Ripple, faced 50% decline. However, analysts predict no future falls.

In the last 24 hours Ripple dropped by 11% and as of writing, XRP is trading at $1.72. However, price changes are not as serious as they may seem. Most of them driven by Coinmarketcap’s decision to exclude some South Korean markets from its database on Monday. The reason was the big premiums at which virtual money are traded in South Korea. After the exclusion global average rates dropped very fast, hence causing panic-driven sell-offs. On Monday, XRP’s price plunged from $3.36 to 2.07. Soon after, the average calculation methodology was corrected and the Ripple partially recovered to $2.46.

Unfortunately, it wasn’t long until XRP fell under $2.00, hitting a two-week low of $1.71. Additionally, there were major shakes across many online exchanges as Stellar Lumens, NEM, Cardano, and TRON endured 15%, 13%, 15% and 24% loses respectively. The only digital currency that managed to surge against all odds was Ethereum. Ether faced approximately 11% growth and crossed the $1400 for the first time in history on several exchanges. Thanks to Ripple’s downfall Ethereum only secured its second place.

Its market valuation grew from $85 billion to $135 billion over a five-day period. In the contrary, Ripple fell from $148 to $73 billion. After all the Ethereum ecosystem is one of the few that as able to justify its market valuation. Decentralized applications like CryptoKitties, 0x, Status, OmiseGo and EtherDelta are all built on the Ethereum blockchain. The user base these apps obtain is massive and an enormous amount of transactions is processed every day.

The only option for Ethereum to keep up the momentum is to maintain its decentralized application smoothly run.

 

 

 

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