Ripple (XRP) is the second largest cryptocurrency by market capitalization. Recently Ripple crossed the $3 per coin mark. The altcoin was trading at an average of $3.12.
Over the past twelve months, Ripple’ price has increased by almost 49,000 percent. Just last week, Ripple passed the $2 mark which was a 130% increase from December 27.
These increases have bolstered Ripple’s number two position and their market cap is $121 bln, which is almost half that of Bitcoin.
What is Ripple?
Ripple is a Blockchain-based payment resolution for enterprise level world-wide payment transactions. Ripple’s inclusion on Bloomberg’s price terminal in December started the rally to increase Ripple’s value.
The altcoin’s rise was further augmented during a recent “cryptocurrency mania” on the South Korean market. Almost half of Ripple’s trading volumes ensued in several multiple exchanges in that country.
Rise of altcoins
Altcoins have increased in value since investors and cryptocurrency believers have been marketing and participating in alternative coins. Substantial gains have occurred in the top 30 in the last few months, and most notable gains come from Cardano (ADA) and Stellar (XLM). These two altcoins have increased more than 30% in one day, and Status(SNT) saw an increase of 100% percent during the last few days.
BTC dominance or their percentage of total market capitalization hit a low of 34.6 percent.