Ripple has suddenly taken second position with a market cap of $19 billion while ethereum has fallen to $18.4 billion on increased global crypto trading volumes of nearly $20 billion.
No one is celebrating, however, because this isn’t due to any gains by ripple but due to a brutal sell off across the crypto market that has sent bitcoin’s market cap below $100 billion for the first time in 2018.
The reason for this sell-off isn’t very clear. It might be related to uncertainty regarding Brexit or it might be related to the BCH fork.
The fork however turned out to be uneventful, as predicted. So if it was due to the fork then one would have expected a bounce.
We haven’t seen one yet perhaps because BCH and BSV trading hasn’t really started as deposits and withdrawals have not yet opened.
Once they do, then we might see how the wider market reacts and whether this was due to the fork or due to some other unrelated event.
The fork might have affected the wider market by some going into fiat to see what happens. Presumably now with the waters appearing calmer those traders might be looking at an entry point, but how the market will react remains to be seen.