The 20%-plus surges Ethereum and Ripple posted on Tuesday fell back at the end of the day, but were still in a winning mode.
Ethereum held its early day gain better than most of the billion-dollar-plus cryptos. Near day’s end, Ethereum was up 16.65 points in a 24-hour period. Ethereum’s price rose by more than 20% early in the day, edging past the $200 threshold to $202, taking it to where it was at before last week’s skid.
Third place Ripple, which was also up more than 20% early in the day, was still up 4.54 points by day’s end, surpassing bitcoin’s 3.54 points and topping most of the cryptos with billion-dollar-plus market capitalizations.
At the start of Wednesday, Ethereum, at $216.97, held $20.261 billion in market capitalization compared to bitcoin’s $37.193 billion. It managed to gain some ground on bitcoin, holding 25.13% of total crypto market capitalization compared to bitcoin’s 45.08%. Yesterday, Ethereum held 22.23% compared to bitcoin’s 47.38%
Ethereum’s two-day recovery was strong, running in the high teens and above on both Monday and Tuesday.
Tuesday’s peak at $247.93 marked an 84-point gain over Sunday’s $134.21, the low-point of the month. There remains a long road to reclaim the $400 territory of early June.
Ethereum’s swings have been larger than most of the billion-dollar cryptos’ this year. Its gains this week reflect are in concert with the losses it suffered over the last two weeks, when it lost nearly 50 percent of its value, falling from $282.31 on July 4 to $189.86 on July 14.
The price tumbled from $391.51 June 13 to $262.38 on June 26, then rebounded to $321.83 on June 28.
Also read: Ethereum, bitcoin prices surge as market springs back to life
Ripple hit $0.188105 on Tuesday, the highest since last week when it hit $0.205512, but still short of the $0.338462 it reached on June 20, not to mention the $0.400 territory of mid-May. By late Tuesday, Ripple was at $0.177150 with a $6.783 billion market capitalization.
Last Thursday, Ripple posted a 2.97% gain in a 24-hour period that saw all of the billion dollar players lose value.
Altogether, 14 of the top 15 coins experienced double-digit percentage price increases Tuesday as the total cryptocurrency market cap swung back above the $80 billion mark. Ripple’s price led the advance, posting a 21% gain, and bringing its market cap within striking distance of $7 billion.
Featured image from Shutterstock.
Last modified: March 4, 2021 4:58 PM