Ripple (XRP) is in the latest crypto news on our site, this time for extending its stretch on the position #2 as the second largest cryptocurrency by market cap and the first altcoin behind Bitcoin.
XRP has held its ranking for 11 days now, which is the longest period for the altcoin at the number two position since the 13-day rally which took place from January 26th to February 8th 2016.
After overtaking Ether (ETH) which is Ethereum‘s native token and the long-reigning number two asset, Ripple has a greater dominance rate which recently reached a 45-week high of 12.74%. Currently, Bitcoin’s dominance rate is 53.9% while the rate of Ether is 9%.
Since XRP began its market share uptick less than two weeks ago, the broader cryptocurrency market witnessed a major sell-off, losing around $90 billion and 40% of its total market cap to date.
Despite XRP’s advance in the market cap ranks, ETH has recorded a greater trading volume as of lately. In the past 24 hours alone, its exchange volume of $2.47 billion almost doubled XRP’s $1.3 billion.
Ripple and Ethereum’s tokens have reported 22% and 37% losses during the past 11 days, while Bitcoin is down 32%, all of which are factors that are resulting in the change of positions lately.
This is another solid indicator that the battle for the second place is not over yet.
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