Is Ethereum Losing Its Position to Ripple As The Second Largest Cryptocurrency?
CFCC News Bot last edited by
Sometime during last Tuesday, September 18, Ripple (XRP) had started a bullish run that has continued till the time of writing. The coin has surged and doubled its value, surpassing 50 cents per one XRP.
It is easy to see that holders of the coin have gained massive profits over the last few days because of this growth. However, this continuous growth is calling into question another major altcoin that has been occupying the second place in the list of top cryptocurrencies by market cap – ETH, or Ethereum.
ETH has held this position almost since the Ethereum blockchain was launched during the summer of 2015 but is now facing a fierce struggle to retain it within the last few hours to press time.
As we can see from the market cap charts below, a wide gap existed between ETH market cap and XRP market cap before the Ripple outbreak began. ETH had the upper hand and boasted a market cap that was more than twice the value of XRP.
<figcaption class=“wp-caption-text”>Market Cap: ETH is dark blue vs. XRP in light blue. Source: Coinmarketcap</figcaption>
At press time, less than $2 billions separates XRP ($21 billion) and ETH ($23 billion), and with the look of things, this can be wiped pretty soon.
This has been the highest gains recorded by XRP over a consecutive number of days with the coin doubling its value in less than four days.
As we revealed before now, news about a new product to be launched by Ripple Technologies is probably the reason behind the massive growth of the cryptocurrency. Also, the new product XRapid is expected to spiral XRP adoption and will be launched in around a month according to an official.
understandable that the reason why XRP looks poised to overtake ETH is because the latter has suffered a plunge within the last two weeks. Being the second largest crypto behind Bitcoin, besides the honor, carries a psychological effect on the markets.
The post Is Ethereum Losing Its Position to Ripple As The Second Largest Cryptocurrency? appeared first on CryptoPotato.
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