You have ripple quotes emailed the post. Last week it was surpassed as the second biggest cryptocurrency by market capitalisation by Ripple. Ethereum’s surge comes as bitcoin remains under pressure. LONDON — Cryptocurrency ethereum posted a fresh all-time high on Tuesday morning, shaking off the troubles that have dragged down the price of its better established rival, bitcoin, in recent weeks.
Ethereum, which has been the second biggest cryptocurrency by market capitalisation for some time, saw that crown come under threat during the Christmas period after a huge surge in the price of XRP, a currency created by Ripple that is focused on bank transfers. As Business Insider’s Frank Chaparro noted late in December, the cryptocurrency has been on a tear since Ripple’s Asian subsidiary and a group of Japanese credit card companies announced a new consortium Wednesday. The consortium aims to identify how blockchain and distributed ledger technology can be deployed in credit card payments. Some in the crypto markets believe that because XRP is now backed by this consortum, it could be more successful in finding a successful practical application for blockchain. While Bitcoin has been declining in market share, Ripple was on a massive run. The logic is that if bitcoin fails to replace the banking system, the current institutions may just use the Ripple network to integrate blockchain technology, speed up transactions, and lower prices. 13,000 in a matter of days.
Bitcoin is starting the new year on the back foot, with investors betting that the digital currency has further to fall. Get the latest Bitcoin price here. These articles have been shared on your timeline. Notify me when a story is shared. These articles have been added to your Google activity log. For the second time in less than three weeks, cryptocurrencies suffered a major correction. The 16 largest cryptocurrencies all saw major price declines over the past 24 hours, according to data from Coinmarketcap.
Investors are pointing to South Korean regulators as a possible reason for the latest declines. One of the greatest strengths — but lurking weaknesses — of cryptocurrencies is that they are largely unregulated by governments. This allows people to use them anonymously, which is also why criminals have taken to the online monetary system. But that means any whiff of new government oversight can make investors nervous. Last month, the South Korean government said it would increase its oversight of the digital currency market by banning anonymous crypto accounts and providing measures to shut down exchanges, if needed. And on Monday, South Korean officials inspected six major local banks, reviewing the institutions’ anti-laundering measures in connection with cryptocurrency trades.
Naeem Aslam, chief market analyst at TF Global Markets told Bloomberg. Bitcoin is by definition the most influential digital currency in the market. Yet investors are treating Bitcoin more as an investment than an actual currency these days. That’s partly because investors can now bet on and against Bitcoin prices, with the recent introduction of Bitcoin futures contracts.