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XRP has now officially classified its second cryptocurrency in the world by market capitalization for the longest period since 2016.
On November 15, the market capitalization of XRP, a long-standing cryptocurrency at San Francisco's startup blockchain, Ripple, has reached 19.39 billion dollars, sufficient to establish it as the second largest cryptocurrency in the world after overtaking the ether (ETH), long the dominant value of the number two market.
This 11-day stretch is the longest XRP that has been in number two since it was the 13-day title from January 26th to February 8th, 2016.
In fact, the dominance rate for XRP, an indicator that tracks the percentage of total cryptocurrency market capitalization made by the cryptocurrency, has reached a maximum of 45 weeks out of 12.74 on 20 November (since then it has slightly decreased to just above l & # 39; 11%). ). To make a comparison, the bitcoin dominance rate (BTC) is currently 53.9% while the ether rate, now the world's third largest cryptocurrency, records 9%.
In particular, as XRP began its market share rise on November 15, the broader cryptocurrency market posted a significant sell-off, losing nearly $ 90 billion and 40% of its total market capitalization until to date.
Needless to say, the market's route led to a significant depreciation for many, if not all, cryptocurrencies against the US dollar. XRP and ETH report 22% and 37% of respective losses in the 11-day intervals while the world's largest cryptocurrency is down 32%.
Despite the XRP's advance in the ranks of market capitalization, ETH has posted significantly higher trading volumes in recent times. In the last 24 hours alone, the ETH trade volume of $ 2.47 billion is almost double the $ 1.3 billion XRP, according to CoinDesk's Crypto-Economic Explorer (CEX).
Revelation: The author holds BTC, AST, REQ, OMG, FUEL, 1 ° is AMP at the time of writing.
Image of Ripple bitcoin via Shutterstock
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