Ethereum Regains Title as Second Most Valuable Cryptocurrency Behind Bitcoin

Javier Stokes
January 11, 2018

On Monday, Ethereum regained the title of second most valuable cryptoccurency after rival asset Ripple held its ground for roughly a week.

"It highlights the undeveloped nature of trading in Bitcoin, reporting in Bitcoin, market data sources for people to utilise when they're wanting to track performance or monitor trends in that space".

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

Then, CoinMarketCap, a major source of information in the crypto world, chose to remove data from South Korean exchanges in its calculation of asset prices.

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 a year ago. That pushed Ripple's market capitalization down to $98.5 billion, and lifted Ethereum's value to $111.9 billion, according to data firm CoinMarketCap.

We will expect Bitcoin to be the market's litmus test for risk appetite this week as investors grapple with the South Korean government's chatter on regulation, with the markets likely to have been a little too sensitive to the comments.

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Monday's declines looks to have provided investor opportunity rather than deliver a more significant blow to the markets, though it remains too early to say what the eventual outcome of all of the increased oversight will be and what effect they will have on overall volumes.

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

The total market capitalisation of some 1,300 cryptocurrencies tracked by the website then plunged 20 per cent from around $830bn to $669bn, it has been reported.

When Benzinga asked traders about a handful of alternatives to bitcoin, Ripple was the top choice for investors in 2018. In December, the virtual currency made its major exchange debut as the Chicago Board Options Exchange (CBOE) launched the first-ever Bitcoin futures trading.

"You can look at it two ways and say Coinmarketcap taking Korean prices out of their averages makes the performance of bitcoin and cryptos look worse than they otherwise would, [but] the flip side is that in the past they weren't reporting them accurately".

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