Ethereum (ETH) has once again regained the second most popular cryptocurrency by market cap status after it rose more than 8% in the last 12 hours. The move ends Ripple (XRP)’s stint at the second spot in the cryptocurrency market cap list which lasted a few months. Currently, ETH is being traded at $149 and the total market cap is $15.261 Billion while XRP is a little behind with 0.3629 and a $14.806 billion market capitalization.
Ethereum has finally regained its position after a hiatus of a few months that saw an overly bearish outlook for ETH and increased shilling of its top competitor, the XRP. The recent increase in price is also fueled by dwindling confidence in XRP due to its relationship with the parent company Ripple. Confusions remain on whether the Ripple company’s top corporate board can unilaterally make decisions over the future of XRP.
If so, it could prove devastating for the now third largest cryptocurrency in the world because many proponents of cryptocurrencies believe that the future is in distributed consensus-based decisions and not depending on centralized executive boards. While Ripple has its own proponents, this issue seems to stick with XRP. Cryptocurrency exchange Kraken even asked advice regarding how to name XRP, thus compounding XRP’s problems.
Ethereum may cling on to the second largest cryptocurrency in the market tag for now but nothing is for sure due to the small gap between the two competitors.
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