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XRP nears longest stretch as world’s second-largest cryptocurrency

XRP has officially ranked itself as the second largest crypto-currency of the world in terms of market capitalization and that too since 2016, which accounts for the longest period.

The market capitalization of XRP on the 15th of November had reached $19.39 billion which is huge enough to make it the second largest crypto-currency of the world. XRP overtook ether (ETH) to become the asset at number two position.

XRP is a crypto-currency which is connected since long to Ripple, which is blockchain startup of San Francisco.

Source: blogchain.info

The company held the title of being the number two asset the longest in 2016, for about 13 days which accounts from 26th January to 8th of February.

For the sake of comparison, the dominance rate of the bitcoin at present is about 53.9 percent.while that of ether of about 9 percent and it stands at the third position in terms of market capitalization.

Therefore the rate of dominance for XRP is an indicator for tracking the percent of the contributed market capitalization by that crypto-currency in terms of the percent of the total crypto-currency.

Source: wp

When XRP began the upticking of the market share on the 15th of November and this broad market of cryptocurrency has experienced sell off in which it lost about $90 billion which accounts to 40 percent of the total market capitalization of the company till date.

It is needless to say that the rout of the market has resulted in significant depreciation to many of the cryptocurrencies but not all when taking into consideration the dollar of the United States.

Both XRP and ETH have reported losses which account to 22 per cent and 37 percent respectively while bitcoin, the largest crypto-currency of the world was down by 32 percent in these 11 days.

Source: CoinDesk, Investing

 

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Written by Ketakee Srivastava

I am an amateur content writer, who is currently pursuing a Masters in Finance from ICFAI Business School. In this highly volatile Business Market, I find no better way to keep myself updated than to write about it and reflect my own thoughts as words.

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