Ripple takes over ethereum
Some of the top cryptocurrencies that have risen during the past 24 hours are ripple (or XRP) and etherum (or ETH). These two rose 1.8% and 14.1%, respectively, and they have risen 104.6% and 13.6%, respectively, during the past seven trading days. Ripple has overtaken ethereum in market capitalization. Over the past 24 hours, the market valuation of ripple has risen nearly 100%, surpassing $100 billion in market cap. However, after correction, its market valuation remains close to $89 billion. Etherum has a market capitalization of almost $85 billion.
Ripple saw a tremendous price rise during December, and it was trading at $2.30 as of January 2, 2018. Ethereum was at $879.3 on the same day.
Altcoins are outperforming
Stellar (or XLM) is a less famous cryptocurrency that’s becoming more popular. It has taken the number nine position as of January 2, and it increased almost 30% during the first day of the year. It has seven-day gains of a 133%. The cryptocurrency reached a session high of $0.47 on Monday. Stellar’s trading volumes reached about $439 million in 24 hours.
The term “altcoins” refers to cryptocurrencies other than bitcoin. The dominance index of bitcoin, which measures the dominance of bitcoin (ARKW) (GBTC) over the global cryptocurrency market, has dropped to an all-time low of 37.9%, as altcoins have surged in value. Cryptocurrencies like ethereum, ripple, and litecoin have risen at least fifty-fold over the past one year. It seems 2018 could be the year for altcoins rather than bitcoin.