Something pretty big just happened: Ethereum, actually its native token Ether (ETH), has reclaimed its past glory. This cryptocurrency is now the second most valuable globally, just behind Bitcoin (BTC). Until the past day or so, Ripple (XRP) had held the coveted second-place spot. But Ethereum has traditionally been the second fiddle to Bitcoin – and has finally trumped Ripple’s stunning growth (for now, at least).
Where do Ethereum (ETH) and Ripple (XRP) Stand Now?
At the time of writing, Ethereum (ETH) is trading at a whopping $1,154.11 – that is a 52% increase from its price seven days ago. That brings the whole cryptocurrency’s market value to a staggering $111.8 billion. The only crypto coin that is worth more, globally, is Bitcoin (BTC) with a market cap of $255.5 billion.
Meanwhile, in second place is still Ripple (XRP). This particular coin is down 21% compared to its trading price 24 hours ago. At $2.53 per unit of XRP, the entire currency is worth about $97.8 billion – quite a distance behind Ethereum.
But ETH and XRP have been at this point before, and seem to be cyclically trading the #2 spot.
There doesn’t seem to be much competition, for now at least. The 4th most valuable digital currency is Bitcoin Cash (BCH), which was famously forked from Bitcoin during the summer. It Is worth roughly $40 billion at the moment. That’s quite a lot of ground to make up if it wants to contend for top three.
Ripple has enjoyed some spectacular growth over the last month or two, so it was only a matter of time until we saw some pullback.
But is Ethereum’s recent rise just temporary – will Ripple make another huge gain and reclaim its former glory?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.