XRP amid a market collapse regained the second spot by dethroning rival Ethereum. Although at press time, prices of all major cryptocurrencies including XRP is still descending but positioning of XRP on the second position in crypto ranking reflects the confidence towards XRP as a better hedging asset beside bitcoin.
- XRP dethrone Ethereum for the second place
- Tether regained its 8th position from TRON
- Bitcoin lost almost 10 percent over the last 24hrs
At press time, XRP emerged on the top second spot with the total market cap $13,487,363,105. Notably, the major trading contributes by Upbit, ZB.com, Binance, ZBG, OKEx and other cryptocurrency exchanges.
XRP gains trading volume – Tether Turns Green
After a strong rise to the start of 2019, Bitcoin sunk again below $3600, down almost 10 percent during last 24hrs. This sudden fall has eventually dragged the other cryptocurrencies to the red grounds of the market. According to the data from coinmarketcap, today’s second largest cryptocurrency, XRP is trading at the value $0.328636, losing 12.88 percent over the last 24 hours. Consequently, the third largest cryptocurrency, Ethereum is down with 15.19 percent during last 24 hrs and trading with $128.55.
Among the top 10 cryptocurrencies, Tether rolls up a green signal with almost 1 percent growth over the last 24 hrs. Nevertheless, Coingape noticed that the market cap of TRON shortly took over Tether yesterday and managed to become the 8th largest cryptocurrency. However, the very next day, on January 11, 2019, Tether has regained its 8th position, snatching it from TRON which is now the 9th largest cryptocurrency.
ETH’s and TRON’s decline over the last 24hrs has turned XRP and Tether one step up.
Nevertheless, the reason behind market fluctuations is not immediately clear but the point of sudden sell-off has recently been picked by Morgan Creek’s founder Anthony Pompliano.
Unlike to what Travis Kling, founder of the crypto hedge fund Ikigai, told Bloomberg that “It’s unlikely that the bottom is in for bitcoin,” Anthony Pompliano claim that ‘the price drop is a game of accumulation’, adding that ‘there are more sellers than buyers’.
Lots of people will claim they know why Bitcoin's price dropped today, but the intelligent investors know it is simply because there are more sellers than buyers.
This is a game of accumulation. Proceed wisely.
— Pomp 🌪 (@APompliano) January 10, 2019
So, what’s your opinion on XRP’s latest move? Do you think XRP is the next immediate challenger to flagship cryptocurrency, Bitcoin considering marketcap? Share your thoughts
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com