Having overtaken Ethereum to become the second largest cryptocurrency by market capitalisation, Ripple (XRP) has now held its ranking for the longest period since 2016.
It would be recalled that On Nov. 15, XRP saw its total market capitalisation surged to over $19.39 Billion. This was enough to help it oust Ethereum which had before then held on strongly as the second largest crypto asset, thanks to its total market cap. But as things stand now, Ripple seems to be enjoying its new reign as the world’s second largest cryptocurrency.
At the moment, Ripple is enjoying an 11-day stretch since overtaking ethereum and is just two days shy of breaking the 13-days record it held from Jan. 26 to Feb. 8 in 2016.
Dominance rate for Ripple, an indicator that is used to track the percentage of the total market capitalisation for the crypto markets indicates that XRP reached a 45-week high on November 20th, and now sits at 11 percent having retreated a little. And while Bitcoin’s dominance rate sits strongly at 53.9 percent, Ether the third largest cryptocurrency is now at 9 percent with ripple registering an 11 percent dominance rate.
However, it is important to note that since Ripple saw its market share skyrocket on November 15, the cryptocurrency market has experienced a wave of sell-off which has now seen it lose nearly $90 billion of its total market share.
More so, the recent wave of sell-off has not only affected the total market capitalisation, but it has also affected the prices of the majority of the cryptocurrencies. As at the time of writing this report, Ripple (XRP) and Ethereum (ETH) are reporting 22 percent and 37 percent losses respectively in the last 11 days. Even the world largest cryptocurrency by market cap, Bitcoin is down by 32 percent.
Again, despite Ripple’s dominance, Eth has enjoyed more trading volume in the past couple of week. Interestingly, Ethereum’s exchange volume of $2.47 billion is two times that of Ripple which is put at $1.3 billion.