Ethereum which is a network application that is decentralized was developed to compete with the Bitcoin cryptocurrency. Ethereum saw a sudden hike in the market value in the first week of February following which it kept climbing. This hike in the value led to Ethereum to overtake Ripple’s XRP digital token and stood in the second place in the listing done for the world’s largest cryptocurrencies which were created by market capitalization.
As per the report, it showed that within 24 hours the price of Ethereum spiked to about 3% and its value became a $120/ether token. This was as per the most recent prices given by CoinMarketCap. On the other hand, Ripple stays put at the same price, and the bigger market is holding its gains got from the end of the first week of February. When there was a news report that suggested that there was comparatively slight bull run that lit as per the Litecoin network upgrade, Bitcoin was traded for about $3,600 which is 5% more than the first week of February.
Even though during a hugely flat market Ethereum’s price showed a small hike in the trend which means that there might have been some big moves done by the big Ethereum holders.
Ethereum worth of $8.5 million was traded by the so-called cryptocurrency whale traders within 24 hours’ time, and this added up to the daily traded volume of Ethereum to $3.2 billion. Commonly the digital currency markets are considered to be quite small and can either move above the rates of the marketplace or below the rates by the big trades that happen.
On the one hand, there is Ripple’s XRP whose market capitalization is $12.5 billion, and on the other hand, there is Ethereum’s which is a little more than Ripple that is $12.6 billion. In the list of largest cryptocurrencies, Litecoin went up to fourth place and has a market capitalization of $2.6 billion.
eToro’s cryptocurrency broker and senior market analyst, Mai Greenspan said, “Crypto price movements over the last week have been encouraging, with Lightcoin experiencing an impressive price surge of around 40%, but it’s important to remember that we’re not out of the bear market just yet.” She also added that some people might argue that the bears are becoming weak, but a stronger breakout is needed for bitcoin which should be more the level of psychology which is $5,000, “before the bulls can sharpen their horns in earnest.”