For a brief period of time, Ripple overtook Ethereum to become the second largest cryptocurrency in the global market behind bitcoin, with a $72 billion market valuation, on December 29. Since then, the market cap of Ripple has fallen slightly from $72 billion to $70.3 billion, allowing Ethereum to regain its position as the second largest cryptocurrency.
It is the second time this year that a cryptocurrency has overtaken Ethereum in market valuation. In November, Bitcoin Cash briefly surpassed the market valuation of Ethereum, during a period in which the SegWit2x hard fork proposal was rejected by the market and the majority of SegWIt2x supporters moved to Bitcoin Cash.
Over the past few weeks, CCN reported on several occasions that the demand for Ripple from South Korea and Japan are fueling its price growth. At the time of reporting, the price of Ripple in South Korea remains above $2, more than 10 percent higher than the global average price.
The demand for Ripple has surged in the two countries because of the partnership between Japanese banks led by SBI Ripple Asia and South Korean financial conglomerates to integrate Ripple’s blockchain-based technologies by January 2018. Ripple Labs and the developers of the Ripple network expected many billions of dollars to be processed on the RIpple network on a regular basis. Read more from ccn.com…
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