Ripple overtakes Ethereum as the second largest cryptocurrency
After a period of tremendous growth, the banking-oriented cryptocurrency Ripple has overtaken Ethereum and is currently the second largest coin in terms of market cap behind Bitcoin.
Ripple's price rose 42.7 percent in the last 24 hours alone according to CoinMarketCap, with its market cap surging to $73.6 billon.
SEE ALSO:2018 will be the year of Bitcoin's rivalsThis 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's no clear reason behind Ripple's most recent price surge. The cryptocurrency's technology, which is fundamentally different from Bitcoin and is designed for fast and secure global financial transactions, was recently tested by Japanese and South Korean banks.
Other cryptocurrencies have had a mixed day; Bitcoin hasn't moved nearly at all in the last 24 hours and is currently trading at $14,402; Ethereum rose 2.8 percent to $733.4; Bitcoin Cash fell 7.9 percent, to $2,393, and Litecoin dropped 4 percent and is currently trading at $241.
Ripple's price growth in 2017 has been absolutely insane, even by cryptocurrency standards. You could've bought one Ripple for $0.0065 on January 1, whereas the current price is $1.89, a 29,000 percent increase.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.
Featured Video For You
People are spending millions on virtual CryptoKitties
- ·SpaceX Polaris Dawn mission: How to watch the launch
- ·奋战三个月确保群众按期入住
- ·“亮剑”一个月 查处涉假案件3起 涉案金额22万余元
- ·天全县 找准优势 提升开放水平
- ·NCT member Taeil leaves band over sexual offense allegations
- ·集智聚力抓管理 转型升级促发展
- ·捕捉精彩瞬间展示魅力雅安
- ·我市启动IV级防汛应急响应预案
- ·Aricell CEO arrested in first case under industrial accidents law
- ·四川省国庆歌咏晚会“感恩·奋进”月底上演
- ·石棉国税 加强矿山税收征管
- ·宣传广告有错字 市民连称“雷人”
- ·Smiley face on Mars is a telltale sign of its past
- ·荥经县评选“五星文明户”
- ·大人疏忽孩子受罪 家庭背负累累债务
- ·石棉县人民法院开展司法警察技能大练兵