Ethereum [ETH] has lost its #2 position in the cryptocurrency market, as XRP took over the position riding on the coattails of its 68% gain in the past 24 hours. Its market capitalization is now more than $1 billion more than Ethereum’s.
XRP has continued its price increase with a 113% increase in the last 7 days. The volume of the coin has also seen an increase of 10x in the same time frame. The volume increased from about $200 million to almost $2.6 billion at the time of press.
The explosive growth of the coin has also led to an erosion in the market dominance of Bitcoin [BTC], which has dropped by almost 2% in the just the past two days. This leaves many wondering whether the enthusiasts were actually right about XRP being the number 1 coin.
The coin underwent a growth of 10% in the past one hour to blow past Ethereum’s market cap. Ethereum was currently trading at $227 after a drop down below the $200 level over the past week.
The movement of XRP to the #2 position is likely to stimulate greater market growth due to the psychological barrier of #3 being lifted. The opposite may be true for Ethereum, as the drop to #3 might further exarcebate the issues it has had with finding dependable growth.
The price of Ethereum has been dropping over concerns of ICOs selling of the ETH they held in their treasuries to fund their operations. This has been the case for the past month, as Ether has seen a downtrend dominate its price.
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