As year-2017 is close to say good bye, Ripple overtake Ethereum as the second-largest cryptocurrency by market cap.
XRP, as Ripple’s token is called, surpassed $1 for the first time Dec. 21 and quintupled its market cap to more than $50 billion between Wednesday and Friday of that week.
Overall, Ripple has risen 28,000% this year to become the world’s second most valuable cryptocurrency just after Bitcoin.
After the Friday’s price jump, ripple’s market cap hit $73.6 billion at 11:04 GMT, briefly leaving ethereum $3 billion behind.
While bitcoin and many other cryptocurrencies are known for being decentralized, ripple owners are well-known, and the cryptocurrency is centralized.
The ripple cryptocurrency, XPR token, operates under parent company Ripple, a privately funded firm based in San Francisco, California.
Currently, Bitcoin is the largest cryptocurrencies by market cap contributing 41.5% of the overall crypto market valuation, followed by Ripple, which contributes 12.4% and Ethereum which is now on the third spot contributes 12.3%.
One of the major reasons attributed to the surge in Ripple’s price over the past one month is the testing of Ripple technology by some Japanese and South Korean banks. This news itself has fueled a lot of buying interest amongst investors and the daily volumes are shooting record highs.