The value of Ethereum (ETH) has been gradually recovering since Dec. 16th. Besides the little cool off period that was seen between the 24th and 28th of December, the value of the digital currency has been consistent. As a result of this recent ease, the value of Ether was forced to retreat and depend on an ascending trendline for support.
Over the past couple of sessions, between December 28th and January 1st, the price action of Ethereum has been moving in a range-block. The price trend of the digital currency strongly suggests a potential breakout. The digital currency looks set to test new highs as it is surging at an enormous rate.
Constantinople Will Launch In a Few Weeks
Finally, the year for the launch of the much-anticipated hard fork of Ethereum – Constantinople – has arrived. A major development is coming to Ethereum on the 16th of this month. This much-awaited update – Constantinople – is expected to launch on the 16th of January around 7:00 AM UTC. The update is promised to make the Ethereum network much faster and cost-effective.
The hard fork is expected to introduce a new wave of distributed ledger technologies. However, there are some controversies related to this update. The update is expected to reduce rewards for miners from 3 Ether down to 2 Ether. On the positive side, it will significantly reduce the block time, and this would make Ethereum quicker.
Ethereum (ETH) Displaces XRP (XRP) to Become the Second Largest Digital Currency
Today, January 2nd, seems to be friendlier to the crypto market than yesterday. The digital currency market started the year in the red. However, almost all coins in the market are now in the green, with Ethereum (ETH) emerging as one of the top gainers.
The first major development in the crypto market occurred today with Ethereum (ETH) reclaiming its position on the list of top digital currencies. Ethereum (ETH) lost its position as the second largest digital currency by market cap to XRP (XRP). XRP (XRP) has been at the 2nd position for over a month now.
However, Ethereum (ETH) has been growing gradually over the past week. Over the past twenty-four hours, the value of Ethereum (ETH) surged significantly, and this resulted in a sharp increase in the market cap of the digital currency.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is trading at $151 after an increase of more than 8 percent over the past twenty-four hours. The market cap of the digital currency is now $15.14 billion and its trading volume over the past twenty-four hours is $2.2 billion.
XRP (XRP) is currently changing hands at $3738 after an increase of about two percent over the past twenty-four hours. The current market cap of XRP is $14.65 billion, which is now over $500 less than that of Ethereum (ETH).
The majority of the trading volumes of Ethereum over the past twenty-four hours are coming from OKEx and OEX – two popular digital currency trading platforms. The 24-hour trading volume of Ethereum on OEX is $164.911 million while 3.2 percent of the trade volume of ether is accounted for by OKEx. The 24-hour trade volume of XRP (XRP) is way lesser compared to that of ETH.