Ripple Over Takes Ethereum As The Largest Altcoin. Major cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, Stellar, and Litecoin, have fallen once again over the last 24 hours which has caused much concern for investors and traders about the future of cryptocurrencies.
The bearish movements in the present cryptocurrency market resulted in the price drop of Bitcoin to well below the $6,000 mark. This benefited Ripple as XRP has overtaken Ethereum as the largest altcoin by market cap. These bearish movements began Nov. 14th to the 15th across the crypto world. which led to Bitcoin’s lowest trading price.
“Interesting that it’s only 6% below BTC when XRP marketcap isn’t nowhere near 6% less than that of BTC. Meaning they aren’t simply looking at marketcap or consider marketcap irrelevant. Great find!”
-Axe Slinger Twitter user and a blockchain space follower
A large number of cryptocurrencies have experienced the same decline in price, with Ripple declining from $0.5 to $0.4. It is the one coin that has managed to hold its value better than the majority.
From the beginning of this week, CoinMarketCap, which gives information about the various cryptocurrencies, showed XRP overtaking Ethereum by moving up by a spot and pushing down Ether. Market caps of both the coins were at par at the beginning, but later XRP overtook and sustained its position leaving Ether behind.
Ether is currently down by over 2% due to this bearish crypto-market. Ethereum was trading at $174 with a market cap of only $17.9 billion but the coin lost its market cap within no time. Currently, Ripple’s total valuation is higher than Ethereum’s.
Henry James, deputy CEO and chairman at Fincross International states that he isn’t surprised by the sell-off and explained that the present breakout of the price will be for couple of days for Bitcoin, Ether, Ripple and other cryptocurrencies. He added:
“This latest sell-off suggests that buyers are still hesitant at this stage and are in search of more real-world use cases for cryptocurrency”.