In the last 48 hours, the market capital value of cryptocurrency has increased from $198 billion to $218 billion by a rush in Ripple token XRP.
On September 21, XRP – native cryptocurrency of the Ripple blockchain network, has risen by 40% and continuing its momentum which was established earlier this week. It has overtaken Ethereum (ETH) and ranks second in the cryptocurrency space.
At present, Ripple has a market capitalization of around $26 billion, while Ethereum (third on CoinMarketCap) has around $23 billion in market capital. Bitcoin (BTC) is still rank one with the market capitalization of around $115 billion. Throughout this week, Bitcoin has increased 6% in value while the majority of the cryptocurrencies has seen a rise of 10 to 50% in value. Bitcoin struggled to break out the resistance level and has recorded other upside movements which are attributable to its dominance over the few months.
Between June and August, cryptocurrencies like Ripple and Ethereum recorded 40-50% losses against the US dollar whereas Bitcoin dropped only by less than 10%.
Ripple has unmatched 140% growth, almost 80% on the day alone and is trading at around $0.65 currently.
Earlier this week, Executives of Ripple without disclosing the actual truth, said that its xRapid payment platform solution could be launched soon. In this same week, PNC, one of the top ten U.S. banks announced that they would use the RippleNet for the international payments.
Mike Novogratz, the former macro hedge fund manager and billionaire investor, said that the bear market of cryptocurrency has come to an end with BTC bottoming out in lower region of $6000.
He also stated that in December of 2017, the market displayed a classic conjectural mania but from the last eight months, the market endured correction and achieved classic bottom in recent months.
As long as the volume of cryptocurrency exchange market can be maintained in the coming weeks, it is expected that most cryptocurrencies will recover further in short rally.
Over the past 24 hours, the total market capitalization of crypto markets has gained $26 billion dollars. The total market capitalization is around $228 billion currently.