A new contender just moved into second place in the race to catch bitcoin.
Ripple, a cryptocurrency that first surfaced in 2013, surpassed ether to take the title of the world’s second-most valuable digital coin by market cap. Ripple’s market value has rocketed to $76 billion after gaining 33 percent since Thursday. Ethereum slipped into third place, with a value just shy of $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’s has fallen behind other upstarts. Just last week, it looked like bitcoin cash, which first debuted in August, would spoil ether’s pursuit. That threat faded as the bitcoin-spinoff tumbled, only to be replaced, and realized, by Ripple 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,” Ripple 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.”
Overall, Ripple has risen more than 28,000%—yes, you read that right—this year to become the world’s second most valuable Cryptocurrency.
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