You are here: Home » International » News » Markets
Business Standard

Ripple's 53% surge makes it the cryptocurrency to watch after bitcoin

It's the latest twist in the crypto saga known as the 'flippening'

Kailey Leinz | Bloomberg 

Ripple
Source: CoinMarketCap.com

A new contender just moved into second place in the race to catch Ripple, a that first surfaced in 2013, has surged 53 percent in the past 24 hours to surpass ethereum and take the title of the world’s second-most valuable digital coin by market cap. Ripple’s market value rocketed to $86 billion, making ether No.3 at $73 billion. Bitcoin’s market cap is near $250 billion. It’s the latest twist in the crypto saga known as the “flippening.” That’s what ether enthusiasts call the coin’s anticipated rise to the most valuable by market cap.

Rather than catching up to bitcoin, though, ether has fallen behind other upstarts. Just last week, it looked like cash, which first debuted in August, would spoil ether’s pursuit. That threat faded as the bitcoin-spinoff tumbled, only to be replaced, and realised, by as its 20,000 percent surge this year flipped the flippening on its head. “There’s no doubt 2017 has been, among other things, the year of crypto,” Chief Executive Officer Brad Garlinghouse said on Bloomberg Television earlier this week. “And within the year of crypto, XRP [ripple] has outperformed every other digital asset out there.” Ripple’s rally has far outpaced the gains of both ether and bitcoin, which have gained roughly 9,000 and 1,400 per cent year-to-date, respectively.

First Published: Sun, December 31 2017. 02:19 IST
RECOMMENDED FOR YOU