After Ripple ‘ripped off’ the runner position of Ethereum and became second most valuable cryptocurrency, temporarily lowering it to the third place, the smart contract pioneer has now re-gained its rank after only bitcoin.
Ethereum has nearly doubled in value in just around two weeks, rising from $670 to now trade at above $1220, as the platform continues to attract new projects and investor’s attention.
So it was another display of Ethereum’s resilience and its ability to withstand all challenges. It’s market cap is now above $111 billion with its transaction volumes around 50% of Bitcoin’s, while the network transferred some $8 billion worth of Eth in just one day, twice the amount bitcoin ever has.
Last month, the crypto community thought Ripple had already strengthened its muscles and won’t not be displaced from the second spot, which Ethereum had occupied for years, but it has recaptured the position one more time.
At the early hours of Monday, Ripple dipped nearly 30 percent whilst Ethereum surged by a worthy 20 percent. This has impelled the smart token, officially called Ether, to be the second most valuable digital coin.
In comparison to Ripple, Ethereum’s uses are far wider as the open-source network can be used to build “smart contracts,” which then allow for decentralized applications that involve data sharing and project funding through ICOs. This has created a unique ecosystem that revolves around the coin that was conceived in 2013.
In addition to its breadth of smart applications, Ethereum’s is finding growing uses as a payment alternative to Bitcoin due to the latter’s congested network and high fees. Significant progress has been made recently with its proof-of-stake (PoS) consensus protocol development through the testing of Casper on the Ethereum testnet.