After the past difficult months for Ethereum (ETH) with its price reaching $100, the crypto community lost all hope about one of the most popular cryptocurrencies. However, in the latest ethereum news, we can see that the price of ETH passed $120 and reached a market cap of $12.60 billion and managed to overtake Ripple which is now valued at $0.30.
Ethereum has now been traded more than 6 times of the volume of XRP and its volume surpassed $3.1 billion. On the other hand, XRP’s trading volume is at $480 billion.
The delay of the Constantinople hard fork has influenced the entire market and threw some pessimistic sentiment but the reschedule could be one of the reasons why Ethereum spiked in price.
Both of the cryptocurrencies have strong and active communities. ETH is mostly dedicated to being a blockchain for building dApps and smart contracts but also has a strong ecosystem which is supported by Enterprise Ethereum Alliance. Also, it has a lot of influence on IT giants such as Microsoft. Vitalik Butrin always highlights how important decentralization is and that it is one of the core principles of blockchain and cryptocurrencies.
XRP, on the other hand, was initially created to serve to financial institutions and banks. It has incredible technology such as xRapid that provides cheap and fast cross border transactions.
It will be very interesting to see and follow the developments on the market especially between these two major cryptocurrencies and to see their effect on the entire market.
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