In the past 24 hours, Ripple overtook Ethereum again with an increase of 7% in its price. The market valuation of Ripple is $24.28 billion. The market cap of Ethereum is just a little bit lower with a market value of $24.15 when compared to Ripple and considering the weak volume of Ripple, there is not much time left for Ethereum becoming the second most valuable cryptocurrency.
There are three occasions when Ripple overtook Ethereum in the market in 2018. Apparently, all of them happened in the second half of September 2018. The price of Ripple has increased threefold in the market and all the investors expected a minor decline in the price.
But the price of Ripple increased continuously, competing with Ethereum for the position of number two in the global cryptocurrency market.
Observed Market Trends
On the 27th of September, the market of cryptocurrency seemed strong as the price of Bitcoin surpassed $6,700 and moved closer to 6,800 but on September 28th, Bitcoin price dropped to $6,500.
Bitcoin was in the region of mid $6000 as it closed at $6,550 on September, 29th. Most renowned crypto trader Luke Martin has stated that the closure of the Bitcoin at $6,550 will create a positive trend in the market.
This Saturday, Bitcoin closed at $6,630 and this led to the recovery of the small-cap cryptocurrencies in the market.
Martin added, “As BTC daily was able to close at $6,550, it gives a nice boost for the altcoins and a lot of good movers can be observed on Sunday morning.”
The short-term positive trend of BTC would help the market in garnering decent gains in the upcoming days. If the BTC value rises in the next 12 to 24 hours, it will help the cryptocurrency market a lot. When compared to the last week, the volume of the dominant cryptocurrency is very low and when compared to the rise in the value of other cryptocurrencies like Ethereum and Ripple, the value of BTC is a little bit low.
