Dominance of XRP over Ethereum [ETH] isn’t new; gap in market caps broadensNovember 18, 2018
In the month of October, a report published by Bloomberg Galaxy Crypto stated that XRP is weighed more than Ethereum by 1.08%. This was shown by the Index Constituent Weights included in the report. Furthermore, XRP was also noticed to weigh only 6% less than Bitcoin [BTC].
Index Constituent Weights | Source: Bloomberg Galaxy Crypto
Earlier this week, CoinMarketCap, the online portal that aggregates cryptocurrency-related data finally showed XRP overtake Ethereum [ETH] when the coin moved up by a spot to push down Ether. At first, the market caps of both the coins were at par, vying for the second spot. However, this time, XRP sustained its position and left its competition behind.
At the time of writing, Ethereum is trading at $174 with a market cap of only $17.9 billion, after hitting below $200 a few days ago. The coin lost its glory when the market cap started to diminish from $22 billion [approx.]. Ether is currently down by over 2% amidst the bearish crypto-market.
ETH 7-day price and market cap | Source: CoinMarketCap
Simultaneously, the market cap of XRP continued to appreciate, widening the gap between the two coins and making it difficult for Ethereum to reclaim its lost glory.
At press time, XRP is the only token riding the bull. The token is up by 1.6%, trading at $0.47 with a market cap of $19.3 billion. The total 24-hour trading volume is recorded at $535.2 million.
In a Twitter post released regarding the cryptocurrency report by xrp_news, a fan channel for the XRP community, RevoluXn, a crypto-follower wrote:
“And this was back in October! Imagine what it will be next month.”
Axe Slinger, another Twitter user and a blockchain space follower also commented:
“Interesting that it’s only 6% below BTC when XRP marketcap isn’t nowhere near 6% less than that of BTC. Meaning they aren’t simply looking at marketcap or consider marketcap irrelevant. Great find!”
Subscribe to AMBCrypto’s Newsletter
Source: Read Full Article