There is no denying that the King of Crypto is in serious trouble at the moment of writing this. Bitcoin (BTC) has fallen from recently comfortable levels above $6,300 to current levels of $5,500. Many crypto traders had hoped that Bitcoin had bottomed out in September when it hit $6,200 but this event was a tip of the iceberg.
Many had hoped that the $5,800 value seen back in June was the lowest value of BTC we would see in 2018. But it appears that there was room for more market turmoil that has been a consequence of the current Hash War between the different factions of the Bitcoin Cash (BCH) community.
XRP vs ETH: The Battle for the Number 2 Spot
Amidst all the turmoil, two major cryptocurrencies are battling it out for the number 2 spot according to market capitalization. XRP has once again edged out Ethereum from the number 2 spot but the lead is by around a market cap that is less than $100 Million.
The rise of XRP to the number 2 spot can be interpreted in the following two ways. Firstly, the digital asset is finally decoupling from BTC and its future continues to rely less on the price action of Bitcoin. Secondly, the use case of XRP in cross-border transactions powered by xRapid continues to grow with time.
In the case of Ethereum, the King of Smart contracts has fallen from what seemed like a good support level about $200. There is also the pending software upgrade known as Constantinople that has been scheduled for mid-January next year. Between now and then, the outlook of ETH lies in the hands of Bitcoin and the ongoing Bitcoin Cash hash war.
This then brings us to the question as to which of the two digital assets will reign supreme at the number 2 spot. Using past events of XRP making it to the number 2 spot and then ETH gaining ground a few hours later, we can assume that the rise of XRP is temporary. Ethereum should regain the number 2 spot.
However, also to consider is that the current BCH hash war might continue longer than the 24 hours many traders expect. This is due to the fact that both sides of the Bitcoin Cash saga have vowed to fight till a winner emerges in terms of hash power. Therefore, the near future looks rather tumultuous for all coins in the markets. XRP might just retain its number 2 spot when this is done.
What are your thoughts on the current crypto market turmoil? Please let us know in the comment section below.[Image courtesy of RedBull.com]
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Crimson or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.