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Ethereum Price Soars to New High, Ripple Roiled

Ethereum Price Soars to New High, Ripple Roiled

Nick Cawley, Strategist

Ethereum/Ripple News and Talking Points

- Ethereum continues to make new highs, narrowing the gap with market leader Bitcoin (BTC).

- Ripple’s market capitalization slumps as digital coin loses nearly 30% in the last 24 hours.

Ethereum (ETH) Bucks the Trend as Altcoins Crumble.

Ethereum, the second-largest digital token by market capitalization, stood out amongst a sea of red in the cryptocurrency market, hitting yet another all-time high and narrowing the gap on market heavyweight Bitcoin. The overall market has been weak this week after a wide range of altcoins surged at the start of the year as investors switched into lower priced digital coins. The sell-off comes after warnings that investors were chasing prices higher, putting unrealistic valuations on many of the smaller companies. Ethereum has been rallying hard over the last few weeks and may have much further to go, according to ETH co-creator Steven Nerayoff.

Cryptocurrency Prices and Market Capitalizations – January 10, 2018

Ripple (XRP) Loses Second Place as Price Slumps

Altcoin Ripple (XRP), the darling of the altcoin market after having grown over 10 times since the start of December 2017, has given fallen sharply again, losing its place as the second most valuable cryptocurrency. XRP has seen its market price/capitalization crumble this week, in part to due to a Twitter spat between the company and a New York Times journalist questioning the adoption by banks of the digital currency.

Ripple (XRP) Price Chart (October 20, 2017 – January 10, 2018

Cryptocurrency Trading Resources – Free Practice Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP) or Litecoin (LTC) check out our Introduction to Bitcoin Trading Guide.

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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