Following a period of tremendous growth, Ripple, the banking-oriented cryptocurrency, has surpassed Ethereum and is presently the second largest cryptocurrency in terms of market cap. It ranks behind Bitcoin.
According to CoinMarketCap, the price of Ripple increased 42.7 percent in the last 24 hours alone with its market cap soaring to $73.6 billion.
This is the first time that a cryptocurrency had overtaken Ethereum since May of this year when Ripple quickly soared in terms of price before cooling off at the end of the month.
There is no clear reason behind the most recent price surge of Ripple. The technology of the cryptocurrency, which is essentially different from Bitcoin and is intended for fast and secure global financial transactions, was lately tested by South Korean and Japanese banks.
Other cryptocurrencies have experienced a mixed day: Bitcoin has not moved nearly at all during the last 24 hours and is presently trading at $14,402; Ethereum grew 2.8 percent to $733.4; Bitcoin Cash dropped 7.9 percent, to $2,393, and Litecoin fell 4 percent and is presently trading at $241.
The price growth of Ripple this year has been completely insane, even by cryptocurrency standards. Consumers could have bought one Ripple for $0.0065 on January 1, whereas Ripple’s price is now at $1.89 which is an increase of 29,000 percent.