Earlier today, January 2, Ethereum briefly overtook Ripple on the cost in an attempt to regain second place in the ranking of cryptocurrencies.
Capitalization Ethereum has reached 88 billion dollars
The price of Ether has reached a new record of 914 dollars, and market capitalization has reached 88 billion dollars and exceeded the capitalization of the Ripple.
After the initial spike in price, it dropped slightly to 878 dollars, and market capitalization fell by almost $ 3 billion. Soon after the Ripple again came in second place? and its market capitalization has increased to 89 billion dollars.
#Ethereum overtakes #Ripple to regain its title as the second most valuable cryptocurrency in the market with a $88 billion market valuation. Never enough popcorn in the cryptocurrency market. pic.twitter.com/PL3N8fP2Gz— Joseph Young (@iamjosephyoung) January 2, 2018
An unexpected increase in the price of Ethereum has led to the decline of the dominance of bitcoin, which fell to a record low of 36 percent.
Recently, the Ethereum blockchain is working at almost full capacity.
Decentralized applications such as CryptoKitties, began to demonstrate the potential of Ethereum in the processing of peer-to-peer digital assets that can be used in the traditional financial sector for the exchange of assets, goods and currencies in a decentralized manner.
The optimism associated with high performance decentralized applications, and increase support from key blockchain startups such as Coinbase, which is estimated at 1.6 billion d dollars, allow investors to feel confident in the short and medium term Ether.
This week, Coinbase CEO Brian Armstrong said that the company focus on developing Toshi, decentralized applications, Ethereum browser to improve accessibility of decentralized applications for users:
Our theory is that the smartphone + Ethereum + dapps (decentralized apps) offer an unprecedented opportunity to bring it to the people around the world. We are trying to increase economic freedom in the world and improve the lives of people in countries with the lowest economic indicators.
Easy to use these tools for granted, if you live in the developed countries. But for most people living in the world today, these tools are not available.
Currently, decentralized applications, it is extremely difficult to attract the attention of the society without any attention from the media. But the improved infrastructure and the emergence of a market for decentralized applications need to correct this situation.
Strong demand in South Korea
In the South Korean market Ether is trading above $ 1,100. On Bithumb, South Korea’s largest exchange of crypto-currency, Ethereum is trading at 1116 US dollars and trading volume of 300 million dollars a day.
Given that other cryptocurrencies such as bitcoin and Litecoin, trading at a significant smaller difference compared with average world prices, the demand for Ether market of South Korea clearly prevails over demand other cryptocurrencies.
In the short term, Ethereum is in the optimum position to surpass Ripple, given the recent trend. If the demand for Ethereum in the global cryptocurrency market at least a little Korean will exceed the value of the cryptocurrency may well exceed $ 1,000.