The weekend saw a lot of action taking place on the cryptocurrency market, as most of the large digital currencies marked notable increases in price. As a result, Ethereum (ETH) has managed to unseat Ripple (XRP) as the second largest cryptocurrency in terms of market capitalization.
ETH’s Weekend Rally
Ethereum (ETH) saw a massive increase in its price throughout the weekend. Since February 17th, the cryptocurrency has managed to gain around 20 percent.
According to data from CoinMarketCap, at the time of writing this, ETH is trading at around $147.
My Bitcoin News reported last month that Ethereum is scheduled to undergo a planned system upgrade. It was supposed to take place on January 16th but got delayed. The upgrade is called ‘Constantinople’ and it will put in place five major improvements of the network.
However, it was postponed and it is now expected to take place on block 7,280,000 which should hit on February 27th - in about eight days from now.
Pre-fork hype is one of the reasons which might be causing the price of ETH to surge in advance.
Ripple (XRP) Also Going Strong
Ripple (XRP), also marked a serious increase over the last few days. The cryptocurrency gained over 12 percent for the same period. At the time of this writing, XRP is trading at $0.335, which is over 8 percent increase in the last 24 hours alone.
Recently, My Bitcoin News reported that Mastercard, Barclays, and Ripple invested in a Ripple-based remittance company called SendFriend.
However, ETH’s performance turned out to be stronger than that of XRP and the formed unseated the latter as the second largest cryptocurrency by market capitalization.
Do you think ETH will manage to keep its place as the second largest cryptocurrency? Share your thoughts down below!