There is a tough battle on going among crypto currencies to bag the place of being silver in the world of crypto currencies for a recent few days. The previous Monday Ethereum crypto currency once again took the title of becoming the runner-up in the race for being the most valuable crypto coin after the news of close rival Ripple coin lost a considerable amount of its value. The prices of Ripple coin crypto currency have dropped considerably up to a level of a fourth of its value and the prices came to the level of $ 2.5 per token which resulted in a broader amount of sale prevalent in the markets of crypto currency. In the meanwhile the values of Bitcoin too fell considerably at a level of 7.6 percentage points and thereby making the coin sell at a level of $ 15,000 per token. However it was Ethereum which registered a sharp increment in the prices by rallying 2.5 percent making the value at the level of $ 1155. These corroborating events summed up by making the total market capitalization of Ripple at the level of 98.5 US Dollars and consecutively lifting the net worth of Ethereum at $ 112 Billion, as per the data received from the crypto currency firm CoinMarketCap. However, Bitcoin remained the unchallenged king of the world of crypto currencies evaluating at the $ 255 billion.
These constantly changing market dynamics were fuelled by the helter-skelter of the news which came from the Chinese markets that the government is pushing for an orderly exit of all the cryptocurrency cloud mining operations currently being done on its soil. This triggered CoinMarketCap to purge data from its exchanges situated in the South Korean Nation in anticipation of calculating its asset prices. It is an established phenomenon that generally the prices of crypto currency remain higher in the nation of South Korea as compared to other parts of the world; the purging of data seemed to people a panicky reaction of selling of the assets which in turn trickled investors to start selling immediately thereby culminating in the current tirade in Ethereum.
Mr. Iqbal Gandham who is a managing director at one of the most prevalent crypto currency brokerage firm the name of which is eToro articulated his views regarding the ongoing volatility in the prices of Ethereum and Ripple as, " The first wave of volatilities came from the investors who realized that their profits are coming from crypto currencies hands which invested heavy capital flows. Secondly, the data which is adjusted by the CoinMarketCap which has remained the most popular portal for pricing of crypto currency had removed the data from the exchanges situated in South Korea and South Korea is that market which sells crypto currency higher than the rest of the world."
In last week the recorded rise in the prices of Ripple amounted to $ 3.65 per token. It could have gained an upper edge with the news of CoinBase quashing the rumors of it allowing of trading in Ripple in the coming future.