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Ethereum [ETH] slips by 9.86% amidst silent war with XRP

Priyamvada Singh

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Ethereum [ETH] slips by 9.86% amidst silent war with XRP
Source: Pixabay

As the cryptocurrency market sees another fierce ambush by the bear, the situation keeps getting worse for Ethereum [ETH] and XRP. Today, ETH broke its support of $165 to form an even lower support level at $161. At press time, the coin was trading at $159, with a market cap of $16.4 billion. The total 24-hour trading volume was recorded at $1.92 billion.

ETHUSD 1-day price chart | Source: CoinMarketCap

ETHUSD 1-day price chart | Source: CoinMarketCap

Over the day, the highest price at which Ether traded was at $179.15, when its market cap was $18.5 billion. Furthermore, the token saw a massive wipeout of over $1.5 billion over the course of a day. This has acted as a great contributor and played in favor of XRP to maintain its dominance on the second spot.

Prior to the cryptocurrency market crash that shook all the big coins across the board, Ethereum’s one-month price chart had witnessed trading prices as high as $221, with its market cap at $22.7 billion. This was before ETH lost its glory to XRP and its market cap diminished.

Currently, XRP is much above its competitor, trading at $0.47, with a swelled market cap of $19.3 billion. The total difference in the market caps of both the coins is approximately calculated to be $2.8 billion.



Another defeat was witnessed by the Ethereum ecosystem was when Tron [TRX], the eleventh-largest cryptocurrency, surpassed ETH in terms of dApp volume. Here, IDEX, the No 1 dApp on the Ethereum blockchain was observed to have the 24-hour transaction volume of 2,430 ETH.

Meanwhile, Tronbot, which is a successful dApp on the Tron blockchain had the 24-hour transaction volume of over 422 million TRX, racing ETH in its own game.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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