cryptodailytrading.com

Ethereum Surpasses Ripple, Recovers #2 Spot on CMC – Is It Thanks to Justin Sun?

  • Yuri Molchan
    📰 News

    Since Saturday, Ethereum’s market cap value began rising, until ETH outperformed XRP as the new week starts off


Ethereum Surpasses Ripple, Recovers #2 Spot on CMC – Is It Thanks to Justin Sun?
You may also like:
Contents

On Monday, Feb 11, Ethereum has recovered its #2 position on Coinmarketcap, having surpassed XRP over the weekend.

Top 100


Current ETH market stance vs XRP

Presently ETH is going for $121.07 with its market cap being $12 689 861 490. This just slightly exceeds the market cap value of XRP, which totals $12 526 321 443. Ripple, despite being in spot #3 of the top-ten list, is trading only at $0.30.

However, the trading volume of Ethereum is way higher than that of Ripple – $3 151 613 621 (ETH) compared to $485 643 973 (XRP).

Compared to just a week ago, ETH has increased in price from $107, and this weekend an unknown factor made Vitalik Buterin’s coin spike in market cap value.

👉MUST READ Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?
Tron Price Prediction 2019 – A Bottom at $0.0255 Has Formed. Will It Last in February?

What should we expect for the ETH price in 2019?

As the new year rolled in, experts have been asking themselves and each other a question regarding the price of the Ethereum token in 2019: What will happen to it – will it roll up or down along with the hopes of its holders? The approximate target for the end of 2019 has been set at the $1,000 mark. As for the end of February, opinions show much more variety.

Various expert sources have shared different opinions:

WalletInvestor believes that by the end of February 2019, Ethereum will reach $100 - $110. Quite pessimistic compared to what we already see today, but you never know. February has only started.

CoinPredictor experts went for around $59 as a potential price level of ETH by the end of February.

Only Trading Beasts seem to be bullish on Ethereum and are betting that by the end of February, the price will victoriously hit $494. However, for the start of February, they predicted the price of $249, so whether or not to trust their optimistic forecast is up to everyone to decide.

Is ETH rising because Vitalik’s 2017 BitTorrent tweet got huge attention over the weekend?

Some experts have assumed that two tweets caused ETH’s market cap to rise. The tweets were written in response to questions directed at Vitalik Buterin about what constitutes a megatime success and what dApp has shown a real long time use case. Vitalik answered “BitTorrent” to both questions.

Is ETH rising because Vitalik’s 2017 BitTorrent tweet got huge attention over the weekend?

This took place back in 2017, but Justin Sun publicly thanked Vitalik for that only this weekend. Since in 2017 Tron did not own BitTorrent yet, it may well be that Justin Sun has decided to use Vitalik’s old answer to make it look like Buterin supports the Tron-BitTorrent alliance at the moment.

Join our Telegram channel to get news even faster!
👓 Recommended articles

Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
You may also like:
Contents

It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

👉MUST READ Bitcoin’s Price Rally Was Accurately Predicted by Anonymous 4chan Poster. $16,000 in October?
Bitcoin’s Price Rally Was Accurately Predicted by Anonymous 4chan Poster. $16,000 in October?

Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

👉MUST READ This Is the Happiest Bitcoin Investors Have Been Since 2016: Tom Lee
This Is the Happiest Bitcoin Investors Have Been Since 2016: Tom Lee

Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

'Bitcoin symbol and graph.Vector illustration.' image by 123rf https://ru.123rf.com/photo_69329295_bitcoin-symbol-and-graph-vector-illustration-.html?term=bitcoin&vti=njv6v7w01tymanucm1-1-82
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles