While Constantinople Is On The Way, ETH Once Again Becomes The 2nd Largest Crypto

The highly anticipated Ethereum's Constantinople upgrade was postponed from January 16 to February 27, due to a security issue. With 16 more days to go, ETH once again surpassed XRP, becoming the second largest cryptocurrency by market capitalization.

According to Bitpush, as of 3:10 pm ET, ETH has a market cap of $12.759B. Meanwhile, its market cap reached a new high on February 10 at $13.081B.

Data Source: CoinMarketCap

In contrast, XRP has a market cap of $12.568 B today, about $200 million less than that of ETH.

The crypto market experienced a significant raise due to Litecoin's abruptly soaring price on February 8. The market value of ETH increased about $1.4 billion on that day, while XRP saw a substantial increase of about $800 million as well.

Data Source: CoinMarketCap

However, among the three largest cryptos, only the spot price of ETH has increased by 2.57% to $121.85 in the past 24 hours, while Bitcoin and XRP have experiences minor loss. What’s more, the spot price of ETH surged to $124.52 yesterday.

While the Constantinople upgrade has been a promising change to the crypto community, other reasons also contribute to the recent ETH price increase.

As EthereumWorldNews reported today the crypto bear market in 2018 has greatly affected the ICO market, and many projects have to maintain their financial status by clearing ETH. At the same time, the ongoing scrutiny of ICO by global regulators directly affects the value of ETH and the market's demand for the crypto as well. The stand the US Securities and Exchange Commission has been taking on ICOs have forced many crowdfunding projects to prefer private financing without engaging US residents.

The ETH spot price and market value may continue to climb as it approaches the Constantinople upgrade date.

Image source: Pixabay
Author: Nicole Wei
Disclosure: I don't hold any bitcoin and other cryptocurrencies.

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