Ripple Becomes Second Largest Cryptocurrency By Market Cap

By Olga
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Digital currency Ripple surged by 56 percent on Friday reaching an all-time high. It has surpassed ethereum as the second largest cryptocurrency in terms of market capitalization.

    Ripple Becomes Second Largest Cryptocurrency By Market Cap

    Officially known as XRP, it climbed to a record high of $86.3 billion on Friday afternoon surpassing ethereum's $73 billion market cap.

    Bitcoin remains the largest with a market cap of roughly $247 billion. As of Friday, Bitcoin accounts for 41 percent of the total cryptocurrency market capital, while Ripple and Ethereum account for 12.5 and 12.1 percent each.

    XRP or XRP tokens were created by an American startup named Ripple Labs, that is into the global money transaction business (RTGS). It is not similar to other cryptocurrencies like bitcoin or litecoin.

    XRP is more centralized and is backed by traditional currencies. It was created by Ripple Labs to be able to seamlessly pay transaction fees between financial institutions like banks. Funds can be transferred between banks who use this service. Axis Bank was the first in India to offer payment services using Ripple that uses blockchain technology.

    Also Read: How Does Blockchain Technology Work?

    Read more about: ripple cryptocurrency
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
    India's LARGEST EVER political poll. Have you participated yet?

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more