'Altcoin (Alternative Coin)' is that Ethereum, Ripple, Litecoin, etc. are representative terms for convenience that refer to all cryptocurrencies excluding Bitcoin.
After the bitcoin (BTC) price broke through the 20 million Korean won mark last week, Ripple (XRP) and Ethereum (ETH) are showing a significant rise this week. It is the appearance of the influence of the bull market (rising market) led by bitcoin also affecting altcoins.
In particular, Ripple is a virtual asset with the word 'Rittosok (I was deceived by Ripple)' as the price seldom rises even in the bullish market. As this ripple has risen more than twice as compared to last week.
The domestic Ripple (XRP) price as of 10:30 am on the 24th is 651.8 won, up 30.1% from the same time the day before. It has more than doubled compared to last week, which was around 300 won.
At the same time, the international ripple (XRP) price based on the coin market cap was $0.594, up 36% from the same time the day before. Compared to a week ago, it was a whopping 103.26%.
The rise of Ripple (XRP) seems to have been affected by ▲Bank of America related news ▲Bitcoin's rising altcoin conversion.
According to YouTube, a media specializing in virtual assets on the 23rd (local time), Ripple officially added Bank of America (BoA) as a'Ripplenet' partner on its official website. RippleNet is Ripple's virtual asset settlement network, and BoA is the second largest bank in the US by assets.
However, it is known that the BoA joined for quite some time. Since last year, there have been reports that the BoA has joined RippleNet, and the BoA demonstrated Ripple's remittance platform 'xCurrent (https://ripple.com/files/xcurrent_brochure.pdf)' at the Swell conference hosted by Ripple last month.
Accordingly, it is interpreted that not only news related to BoA but also the rise of bitcoin affected Ripple. If only Bitcoin, the boss coin, rose last week, the upward trend is gradually shifting toward altcoins.
In addition to Ripple, the rise of Ethereum (ETH), the second-largest virtual asset, is also noticeable.
As of 11 am on the 24th, the domestic price of Ethereum (ETH) is 68,500 won, up 10.18% from the same time the day before. Compared to last weekend, it rose more than 100,000 won.
At the same time, the international price of Ethereum (ETH) based on the coin market cap is $618.25, up 11.57% from the same time the day before. It was up 33.04% compared to a week ago.
The rise of Ethereum (ETH) seems to have been influenced by not only the rise of bitcoin but also the imminent release of Ethereum 2.0.
The current Ethereum blockchain platform suffers from problems such as slow speed and lack of scalability. Therefore, the release of Ethereum 2.0, which converts Ethereum's Consensus Algorithm from PoW (Proof of Work) into PoS (Proof of Stake), was considered a long-standing challenge.
The expected release date of Ethereum 2.0 is December 1st. However, it must be staked (deposited) 5,242,288 ETH by 9 p.m. (Korean time) on this day, a week before the launch, to release as scheduled. If the target amount cannot be deposited, the release will be delayed again.
As of 11 am on the 24th November, the deposit rate is 97.3%. Unless anything else happens, Ethereum 2.0 will be released as expected.
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