Ethereum Regains Title as Second Most Valuable Cryptocurrency Behind Bitcoin

by Frankie Norman January 11, 2018, 0:28
Ethereum Regains Title as Second Most Valuable Cryptocurrency Behind Bitcoin

Among the hardest hit were Ripple, Litecoin and Bitcoin cash, which at the time of writing were down 25 per cent, 11 per cent and 13 per cent respectively on the previous day, while Bitcoin was trading at $US15,215 ($A19,364), down more than seven per cent. To be sure, bitcoin is still the biggest cryptocurrency by far - with market value exceeding $250 billion - and is expected to keep that mantle in the months to come.

The remove included Bithumb, the world's second-largest exchange in terms of trading volume, along with Coinone and Korbit.

Benzinga recently asked Twitter traders where they see bitcoin headed in 2018 and which other top cryptocurrencies will lead the pack this year.

We've talked about regulatory risk being the key driver for the markets, following the impact of South Korean government chatter on the cryptocurrencies late previous year.

"Every crypto is priced at a 30 percent premium in South Korea", Greg Dwyer, head of business development at cryptocurrency derivatives exchange BitMex, told Reuters. As news about the real reason for the price correction spread, the cryptocurrency market started to slowly recover lost ground and the crypto market cap presently stands at $760 billion. For example, Bitcoin is trading in South Korea is at a 70 percent premium over worldwide rates.

It's been a fierce battle for silver in the cryptocurrency world in recent days.

Bitcoin accounts for 35 percent of global cryptocurrency trading and it is the most influential cryptocurrency on the market.

Observers increasingly are questioning the value of various cryptocurrencies, and the 20% plunge in Ripple on January 8 shows that significant risk exists.

Bitcoin was one of the currencies to sink when CoinMarketCap, one of the industry's most prominent global indexes, carried out the move without any warning, resulting in a steep drop in all virtual coins they track.

The uncertainty, however, remains over the future of Bitcoin as a payment tool and many investors continue to treat Bitcoin more as an investment than an actual currency. "The new price is more accurate and meaningful".

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