Ethereum overtakes XRP – The crypto bloodbath seems to be over; at least for now. Altcoins are seeing green for the first time this week with Bitcoin leading the way. Bitcoin has been holding steady all throughout the day. BTC is currently trading at $8,586.84; 5.35% up.
Ripple’s XRP vs Ethereum’s ETH
One noticeable change in the cryptocurrency market today is the fact that Ethereum has dethroned Ripple’s XRP as the world second largest coin from the second spot by market capitalization; pushing it one position down to third. ETH and XRP has been swapping places for months with XRP winning most of the time.
Bitcoin (BTC) is still king of the crypto jungle
Despite this month’s Bitcoin bloodbath, BTC still remains on top of the food chain by popularity and market capitalization. The distance between Bitcoin and it’s off springs is considerable. BTC boast a market value of $154.07 billions comparing to Ethereum’s $20.95B and Ripple’s XRP $11.96B.
Ripple’s co-founder, Brad Garlinghouse speaks
It’s important to note that Ripple’s XRP has been outperforming the entire crypto market; including Bitcoin for the pass few days. Ripple’s co-founder, Brad Garlinghouse told Bloomberg earlier this week that Ripple is “solving a cross-border payments problem” and that the value of digital assets such as XRP will be “based on its ability to solve problems.”
READ: What is Ripple
During the Singapore Fintech Festival that ran from Nov 11, 2019 – Sat, Nov 16, 2019, Garlinghouse claimed that “XRP is 1,000 times faster and cheaper than bitcoin.”
XRP, however, today is trading 80% down from its all time high of $3.84 USD in 2018. Ripple is not the only coins to suffer major losses this year. The entire crypto market loss more than 60% of it’s value this year. Not even Bitcoin is immune.
What the crypto experts are saying?
Said deVere’s Chief Financial Officer, Nigel Green
“The sudden drop in the value of bitcoin will have caught many investors off guard–even though history teaches us that this is likely to be temporary, with prices rebounding again fairly quickly,”
Mr. Green continues:
“Cryptocurrencies are now being widely accepted as the future of money. They are the bedrock of the digital global economy and, as such, I am confident the sector will increase 5,000% in the next decade.”
The question everyone is asking
Ethereum overtakes XRP in marketcap. But how long before Ripple find its way back to second place.