Ripple overtakes Ethereum for second place by market cap

Ripple appears to be having a slightly better time of things than most…

by Manoj Sharma for CNR

Cryptocurrencies, as a rule, are generally ranked by their market capitalisation. Although Bitcoin has suffered a significant drop in 2018 (and a significant drop in the last few days), it’s still top of the cryptocurrency tree. Often, Ethereum sits behind Bitcoin, in the number two spot. However, things changed recently as Ripple jumped over Ethereum to take the second spot in total valuation. The second and third place keeps changing, we should note. But Ripple finally feels like it’s caught its rival.

As cryptocurrencies continue to get ravaged by the bear market, their value has significantly reduced. This week alone, major digital assets have seen huge setbacks. As a consequence, the rankings of these assets have changed. Now, only a handful of projects have a total valuation of $1bn.

The biggest surprise was Ripple overtaking Ethereum for second place as now, the total valuation of Ripple is higher than Ethereum. The difference between the two isn’t insurmountable, but Ripple’s valuation has continuously been growing while Ethereum keeps declining.

The recent dip in the market and several new announcements can be attributed to the change.  One such event is the ongoing conversation between Ripple and Swift.

Ripple’s CEO claims that they can completely replace Swift, although that’s no short term goal, clear. In addition, Ripple’s project (xRapid) to make cross-border transactions easier and simple is in full deployment mode.

Recently, Omni, an online and physical storage rental company, has shown support in accepting XRP from its customers.

As many XRP speculators believe, such commercialization will serve as a catalyst to continue enhancing the value of virtual currencies. And for the moment at least, it’s continuing to quietly fuel Ripple…

Image: BigStock