After a period of tremendous expansion, the banking-oriented cryptocurrency Ripple has overtaken Ethereum and is presently the 2nd biggest coin concerning market cap supporting Bitcoin.
Ripple’s price rose 42.7 % in the last 24 hours based on CoinMarketCap, using its market cap surging to $73.6 billon.
This is the first time a cryptocurrency has overtaken Ethereum since May 2017, when Ripple quickly surged in price before cooling off at the end of the month.
There is no obvious reason behind Ripple’s latest price surge. The cryptocurrency’s technologies, which can be fundamentally distinct from Bitcoin and is designed for secure and fast global financial transactions, was recently analyzed by Japanese and South Korean banks.
Other cryptocurrencies have experienced a combined day; Bitcoin hasn’t moved nearly whatsoever in the last 24 hours and is now trading at $14,402; Ethereum climbed 2.8 percent to $733.4; Bitcoin Cash dropped 7.9 percent, to $2,393, and Litecoin dropped 4% and is now trading at $241.
Ripple’s price growth in 2017 was absolutely insane, even by cryptocurrency criteria. You could have purchased one Ripple for $0.0065 on January 1, whereas the current price is $1.89, a 29,000 percent increase.
Disclosure: The author of the text owns, or has recently possessed, a number of cryptocurrencies, such as BTC and ETH.