Ripple XRP has taken away the second spot on the top-10 altcoin chart from Ethereum as the former’s market cap revolves around US$19 Billion. Though Ripple XRP had taken over Ethereum ETH in the past, this is the first time XRP is holding on to the second spot.
Ripple Holding on to the 2nd Spot for the Second Day, Market Cap Gap Widens
Every time Ripple took over Ethereum, the latter bounced back quickly to claim the second spot. After the November 14 crypto market meltdown, both the competing cryptocurrencies have bounced back to the green. However, the extent of recovery in case of ETH is slower than that of XRP.
At the time of publishing, Ripple has increased by +2.22% and Ethereum has increased by just +0.27%. This has resulted in Ripple’s market cap to increase to $18,808,056,158, way ahead of ETH’s US$18,199,035,251. Currently, Ripple XRP’s market capitalization is ahead of Ethereum ETH by US$609,020,907, widening the gap since yesterday. Available figures show the market cap gap between the two was just US$200,000 yesterday.
If the trend continues and Ethereum fails to gain momentum, it seems ETH has to settle down by becoming the 3rd largest cryptocurrency.
What News Helped Ripple XRP Overtake Ethereum ETH?
The news of the new partnership between RippleNet and CIMB (the 5th largest ASEAN bank and lending giant in Malaysia) gave Ripple (XRP) the needed shot in the arm to overtake Ethereum (ETH). CIMB has partnered with Ripple to use Ripplenet’s xCurrent technology-based software solution to make cross-border payments faster.
Why is No One Celebrating?
No one seems to be celebrating this new feat of Ripple as it holds on to the new position even in the second day. This is due to the fact that the position flip overcame at a time of crypto market bloodbath over fears of the November 15 BCH hard fork. Bitcoin price nosedived below-US$5400, a level not seen over a year. It’s still struggling to close above US$5,600. During the November 14, 2018 cryptocurrency market meltdown, BTC’s market capitalization fell below US$100 Billion. This level was not seen before by the market throughout 2018.
Brutal selloff across the crypto market (all the cryptocurrencies in the ALT100 index were in the red yesterday) unsettled everyone, not letting anyone notice this flip over of 2nd position. As the crypto market started gaining normalcy after the bloodbath, investors started noticing Ripple XRP’s new spot.
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