Ethereum Price Watch: Currency Rallies Strong, Hits $237 Mark

As predicted by Cryptomode earlier this week, Ether, the world’s second largest cryptocurrency by total market capitalization, is surging due to newfound investor confidence. At press time, the premier digital asset is trading at a price point of 232.57, thereby showcasing a 3.5% increase in its relative market value since yesterday afternoon.

XRP Closes in on ETH’s Market Share

Another development that has set the crypto world abuzz is XRP’s growing dominance which could see the currency surpass Ether in terms of its total market capitalization. As things stand, XRP has a collective market cap of $23.2 Bln while Ether’s cap is currently pegged around the $23.7 Bln mark.

Also worth noting is that XRP too has been surging over the course of the past few weeks, with the currency currently trading around the $0.60 mark— thus exhibiting a 9% increase in its value during the last 24 hours.

Is Ethereum Destined to Head to $0 Eventually?

With conflicting reports constantly doing the rounds on the internet, nobody knows for sure what the future really holds for Ethereum. However, if Jeremy Rubin, the founder of MIT’s Digital Currency initiative is to be believed, the price of the digital asset will inevitably head towards the zero dollar mark in the coming few years.

From the outside looking in, this claim seems rather ridiculous, even preposterous to some degree. But there might be some truth to the matter after all. Ever since the CryptoKitties issue exposed Ethereum’s scalability problems, a growing number of tech enthusiasts and customers are losing confidence in the currency’s ecosystem.

In a similar vein, Rubin also argues that most of ETH’s demand was driven by ICO platforms that put forth a host of highly innovative use cases but were dependent on Ether’s envisioned scalability. With that being said, one man’s opinion on the issue cannot be taken as a final word on the matter.

Final Take

At the time of writing this article, the total market cap of the crypto sector stands at a highly respectable sum of $222.9 Bln. However, one can only hope from here on out that this ongoing bullish momentum persists so that this burgeoning market space can continue to flourish and grow in the weeks and months to come.

Charts Courtesy of Tradingview.com

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