It is Bitcoin that has been making the ripples in the finance sector for quite some time now. It was about time for Ripple to take the driver seat of the crypto market with record gains, to move closer to $1.
The market capitalization of the crypto currency has increased by $6 billion in the last 24 hours to consolidate the total cap to $28.7 billion.
Ripple, currently the fourth most valuable crypto currency, went past Bitcoin Cash for a brief period on Thursday to become the third most valuable after Bitcoin and Ethereum. It had started trading at $0.40 on Wednesday morning and within two days doubling the value. It soared to as high as $0.87 on Thursday, December 14.
The rise of Ripple is believed to be a result of mainstream investors rushing into the crypto world but looking out for Bitcoin alternatives as the leading crypto currency appears to be overbought or also as a hedge.
Brad Garlinghouse, the CEO of Ripple, said "The surge in the price of Ripple is because the market is beginning to understand the realities of digital assets performance including speed, throughput and other parameters associated. He added that there is a lot of excitement about the potential and believes that Ripple is distinctively positioned to deliver on the promise.
Earlier this week, Litecoin and Ethereum have registered major gains. More and more investors are looking at the top-10 of the crypto currencies
Bitcoin was fluctuating around the $16K mark for two days, before picking up in the last 24 hours by 7.5%. According to the data on coinmarketcap.com website, the BTC/USD pair is trading at $16,551.20.
The total market cap of crypto currencies has pushed further above the $500 billion mark. As of now, the total market cap of the crypto market has reached $523 billion.