Market decline

XRP and Ethereum Classic rise 10% in slight market decline

XRP and Ethereum Classic both surged 10% today, despite a 0.52% decline in global cryptocurrency market capitalization.

XRP commands $59.13 billion out of the crypto’s $2.10 trillion global market capitalization, making it the seventh-largest cryptocurrency, according to data aggregator Nomics. It is trading at a price of $1.27, after surging 10.19% overnight. It peaked at $1.32 on Sunday, its highest price since May.

XRP’s rally has gained momentum in recent days. Friday he shows a 6% increase and on Saturday morning he had done overnight gains of 11.38%.

Ancestor XRP Ripple Labs was locked in a legal row against the United States Securities and Exchange Commission since December 22. The SEC alleges that Ripple Labs sold XRP in unregistered securities sales. Ripple argues that XRP is not a security.

Ethereum Classic also rose by 10.41% in value overnight. The Ethereum fork, which launched in 2016, is currently trading at a price of $70.39.

Ethereum Classic maintains an unedited history of the original Ethereum ledger. It diverged from Ethereum after the first DAO hack.

DAO stands for “Decentralized Autonomous Organization”; each DAO uses smart contracts to mimic the governance of a shareholder-run company.

In June 2016, security flaws in the original DAO were exploited by attackers in a heist that cost the network $55 million. The Ethereum network decided to delete the offending transactions, but the Ethereum Classic network kept them in the ledger.

Ethereum does not share the fortunes of its less illustrious relative today. The second-largest cryptocurrency by market cap has fallen 2.96% in the past 24 hours to trade at $3,152.

Meanwhile, not much has changed for the world’s largest cryptocurrency. Bitcoin continues to trade just under $46,000. The slight decline in the market only managed to make it lose 1.72% of its value.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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