Ripple briefly passes Ethereum for second largest cryptocurrency by market capitalization

Another Cryptocurrency doubles in one week. This time it was Ripple.

Ripple is used for transactions on Ripple’s open-source RippleNet cryptocurrency network, reached $1.82. The price rally arrived after a long period of inactivity in the market, which had held steady at $0.20 over the past six months.

As a result, the market capitalization of XRP is now catching up with those of Ethereum and Bitcoin, according to data site CoinMarketCap. XRP is now the third largest cryptocurrency by market capitalization, with the value of its combined token supply now $72 billion.

CoinMarketCap charts show Ripple had climbed above Ethereum into the second-place spot in May. But back then Ripple was only worth about 36 cents.

The digital currency ended 2016 at less than 1 cent and topped $1 only last week. Gains have accelerated since, and ripple is up more than 29,000 percent this year.

Subscribe on Google News