Economy

Ethereum and Ripple hit new record highs as bitcoin continues to vacillate

Ethereum and Ripple hit new record highs as bitcoin continues to vacillate

As you can see, Ripple now has a market cap of $120 billion-an amount that is almost 35% higher than Ethereum, and worth almost half that of bitcoin.

The Flippening, a point in time at which another digital currency (often speculated to be ethereum) would overtake bitcoin to become the largest digital currency, has yet to take place. This earned investors, who had bought the currency at the beginning of December at $0.24, returns of up to 1,000 percent.

The bulk of the rally came after several financial institutions - particularly in Japan and South Korea - showed interest in adopting its technology to replace the SWIFT money transfer system.

In a year punctuated by the dramatic rise of digital assets, XRP has out performed the entire sector and looks likely to end the year up more than 45,000%. The digital currency gained close to 30,000% in value from January 1, 2017 to January 1, 2018. Now two weeks later the cryptocurrency market has hit a new all-time high in excess of $700 billion, driven primarily by surging altcoins with Ripple (XRP) leading the charge. It has 38.31B coins in circulation. That puts Ripple's market cap at around 43% of bitcoin's.

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The surge for the cryptocurrency has slightly worn off by now, with its price currently being listed as $994.49 on CoinMarketCap and, similarly, its market cap is now resting just below $100 billion at $96.2 billion. A person I know was discussing the possibility of Ripple going 10 times. Instead, Ripple's currency supply-technically known as XRP-was created in one swoop, and a large portion is held by the company itself as a sort of treasury stock.

For a month, Ripple (XRP) tokens went up 1,260.72% from $0.2337 for coin.

Larsen, on the other hand, believes that if Ripple can be given such a huge value, then so can Bitcoin. This makes it a more secure payment system than its rivals. Besides being a digital currency, Ripple also serves as a protocol that bridges other currencies without discriminating against mobile minutes or other fiat or digital currencies.


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