Today’s market took a slight dip, but XRP and Ethereum Classic are on the rise.
Despite a 0.52 percent drop in the global market capitalization of cryptocurrencies, XRP and Ethereum Classic both increased by 10% today.
According to data aggregator Nomics, XRP controls $59.13 billion of crypto’s $2.10 trillion global market cap, making it the seventh-largest cryptocurrency. It is currently trading at $1.27, having risen 10.19 percent overnight. It reached a high of $1.32 on Sunday, its highest level since May.
Over the last few days, XRP’s rally has gained traction. On Friday, it increased by 6%, and by Saturday morning, it had gained 11.38 percent overnight.
Ripple Labs, the creator of XRP, has been locked in a legal battle with the Securities and Exchange Commission since December 22. According to the SEC, Ripple Labs has been selling XRP in unregistered securities sales. Ripple maintains that XRP is not a security.
Ethereum Classic’s value increased by 10.41% overnight. The Ethereum fork, which debuted in 2016, is currently trading at $70.39.
Ethereum Classic preserves the original Ethereum ledger’s unedited history. Following the first DAO hack, it deviated from Ethereum.
DAO is an abbreviation for ‘decentralized autonomous organization,’ and each DAO uses smart contracts to mimic the governance of a shareholder-run company.
Security flaws in the original DAO were exploited by attackers in a $55 million heist in June 2016. The Ethereum network decided to remove the offending transactions from the ledger, but the Ethereum Classic network kept them.
Today, Ethereum is not benefiting from the fortunes of its less illustrious relative. The second-largest cryptocurrency by market capitalization has dropped 2.96 percent in the last 24 hours to $3,152.
In the meantime, not much has changed for the world’s largest cryptocurrency. Bitcoin is still trading for just under $46,000. The slight market downturn only reduced its value by 1.72 percent.