All cryptocurrencies dumped to yearly lows in mid-December, Ethereum among them. Some have made a slight recovery but others have taken off at a far greater pace.
ETH Market Cap Doubles in Three Weeks
On December 15 Ethereum was smashed to an 18 month low of just above $83 according to Coinmarketcap. Its market capitalization was $8.6 billion, the lowest it has been since May of the previous year. Things were that bad that ETH lost its second place to Ripple’s XRP token for several weeks.
Since the bleakest day of the year for crypto things have gone better for Ethereum as it has made a recovery of over 85% to its current levels. This surge in price has taken ETH to $155 in just 18 days and enabled it to retake second position from XRP yesterday. At the time of writing Ethereum has increased that gap to over $1 billion in market capitalization over XRP. Since the low ETH market cap has almost doubled to $16.2 billion where it currently stands.
Constantinople Driving Recovery
The long awaited Ethereum hard fork is due around January 16. It will result in a new forked blockchain which contains all of the Ethereum Improvement Proposals