Cryptocurrencies are plunging over the last two days, amid several negative reports. Excluding ethereum, the majority of other cryptocurrencies are declining. However, Ethereum generated significant growth in the last two days, allowing standing at the second place after the bitcoin based on a market capitalization.
Ethereum prices increased for the second straight day to trade above $1250. The cryptocurrency ethereum passed the $1000 mark last weekend and continues to extend gains despite a broader selloff in crypto markets. After the strong rally, ethereum market capitalization hovers around $119 billion, representing almost 15% of total cryptocurrency market capitalization.
The fourth-quarter performance report provided a strong support to the latest rally for Ethereum prices. The report demonstrates that the transaction volumes were doubled in Q4, exceeding 10 transactions per second for days at a time.
Ripple, which declined to the third place, has plunged more than 12% after the decline of above 30% in Monday trade. The dip in ripple’s price has lowered its market capitalization to $98.5 billion, permitting Ethereum to become the second biggest cryptocurrency after Bitcoin.
The broader selloff in cryptocurrencies over the last two days has smashed the overall market capitalization by 7.2% to $710.2 billion.
Although JP Morgan (NYSE:JPM) CEO says he apologizes for calling bitcoin a fraud, cryptocurrencies are experiencing difficulties in making a bounce back.
“The blockchain is real,” JP Morgan CEO said in the interview. “You can have crypto dollars in yen and stuff like that. ICOs … you got to look at everyone individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.”
On the other hand, some investors are blaming South Korea for the latest dip in cryptocurrency value. Recently, CoinMarketCap website has removed prices from South Korean exchanges from its calculations of digital currency rates, due to some discrepancies. At present, South Korea accounts for almost 35% of the overall crypto market. On the whole, crypto markets are moving on the reports and analysts recommendations. Thus, investors should expect big swings in cryptocurrency prices in the coming days.
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