Ethereum becomes second biggest cryptocurrency by market cap, overtaking Ripple
Ethereum is now the second biggest cryptocurrency in terms of total market capitalization again, overtaking Ripple.
Ripple prices dropped by around a fifth 25% Monday to $2.50, pushing the total market cap of the cryptocurrency down to $98.5 billion.
Ethereum prices on the other hand edged up on Monday by 3.45% to $1,164.92, increasing the market cap of the cryptocurrency to $112.8 billion.
Ripple’s current circulation is 38,739,144,847 digital coins while there is a circulating supply of 96,856,831 ETH.
Bitcoin, which has the largest cryptocurrency market cap of around $252.5 billion as of Monday, currently has a circulating supply of 16,790,537 BTC – the maximum supply of BTC is 21,000,000.
Bitcoin’s value dropped by around 7.6% to $15,000 on Monday. The drop occurred after CoinMarketCap excluded data from South Korean markets (where cryptocurrency generally trades higher) in the calculation of asset prices.
As Ethereum and Ripple both have significantly high circulating supplies compared to Bitcoin, the price of the coins can be substantially lower than BTC to reach a similar or higher market cap.
Some experts believe that ETH or Ripple could soon end up having a larger market cap than Bitcoin.
Arjun Kharpal, Technology Correspondent at CNBC, said: “With bitcoin’s dominance standing at record lows, and alternative cryptocurrencies seeing big price leaps, it’s not inconceivable that either ether or ripple could claim the top spot in terms of market cap soon.”