Dominance of XRP on Ethereum [ETH] it is not new; the gap in the market ceilings widens

In October, a report published by Bloomberg Galaxy Crypto stated that the XRP is weighted over 1.08% Ethereum. This was demonstrated by the constituent weights of the Index included in the report. Furthermore, XRP has also been noted to weigh only 6% less than Bitcoin [BTC].

Index constitutive weights | Source: Bloomberg Galaxy Crypto

At the beginning of this week, CoinMarketCap, the online portal that aggregates cryptocurrency data, has finally shown the overtaking of XRP on Ethereum [ETH] when the coin is moved from a point to push down Ether. In the beginning, the market limits of both currencies were on par, vying for second place. However, this time, XRP maintained its position and left the competition behind.

At the time of writing, Ethereum traded at $ 174 with a market capitalization of only $ 17.9 billion, having touched less than $ 200 a few days ago. The currency lost its glory when the market capitalization started to fall from $ 22 billion [approx.]. The ether is currently declining by more than 2% in the bearish crypto-market.

ETH 7 days price and market capitalization Source: CoinMarketCap

At the same time, XRP's market capitalization continued to appreciate, widening the gap between the two currencies and making it difficult for Ethereum to recover its lost glory.

At the time of printing, XRP is the only token on the bull. The token rose by 1.6%, trading at $ 0.47 with a market capitalization of $ 19.3 billion. Total 24-hour trading volume was $ 535.2 million.

In a post on Twitter published regarding the cryptocurrency report of xrp_news, a fan channel for the XRP community, RevoluXn, a crypto-follower wrote:

"And this was back in October! Imagine what will happen next month."

Axe Slinger, another Twitter user and a follower of the blockchain space also commented:

"Interestingly, it's only 6% lower than BTC when the XRP marketcap is not nearly 6% shorter than BTC, which means they're not just looking at the market or considering the marketcap irrelevant.

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in journalism and communication at Manipal University, she believes that blockchain technology is a revolutionary tool for advancing the future. Currently it has no value in cryptocurrencies.