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Ethereum [ETH] slips by 9.86% amidst silent war with XRP



As the cryptocurrency market sees another fierce ambush by the bear, the situation keeps getting worse for Ethereum [ETH] and XRP. Today, ETH broke its support of $165 to form an even lower support level at $161. At press time, the coin was trading at $159, with a market cap of $16.4 billion. The total 24-hour trading volume was recorded at $1.92 billion.

ETHUSD 1-day price chart | Source: CoinMarketCap

Over the day, the highest price at which Ether traded was at $179.15, when its market cap was $18.5 billion. Furthermore, the token saw a massive wipeout of over $1.5 billion over the course of a day. This has acted as a great contributor and played in favor of XRP to maintain its dominance on the second spot.

Prior to the cryptocurrency market crash that shook all the big coins across the board, Ethereum’s one-month price chart had witnessed trading prices as high as $221, with its market cap at $22.7 billion. This was before ETH lost its glory to XRP and its market cap diminished.

Currently, XRP is much above its competitor, trading at $0.47, with a swelled market cap of $19.3 billion. The total difference in the market caps of both the coins is approximately calculated to be $2.8 billion.

Another defeat was witnessed by the Ethereum ecosystem was when Tron [TRX], the eleventh-largest cryptocurrency, surpassed ETH in terms of dApp volume. Here, IDEX, the No 1 dApp on the Ethereum blockchain was observed to have the 24-hour transaction volume of 2,430 ETH.

Meanwhile, Tronbot, which is a successful dApp on the Tron blockchain had the 24-hour transaction volume of over 422 million TRX, racing ETH in its own game.

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Priyamvada Singh

Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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