Ripple overtakes litecoin as the 4th largest cryptocurrency
Ripple, a cryptocurrency designed for banks and global money transfers, has more than doubled in price since Monday, overtaking Litecoin as the fourth-largest cryptocurrency. It now has a market cap of $18.64 billion.
The boom has largely coincided with gains in bitcoin and other smaller cryptocurrencies, which have been on a tear since the launch of Bitcoin futures trading by Cboe Global Markets on Sunday.
"I think a lot of this is simply the market better understanding the realities of digital assets performance (speed, throughput etc)," Ripple CEO Brad Garlinghouse told Business Insider Wednesday morning. "There is - appropriately - a lot of excitement about the potential, but XRP is very uniquely positioned to actually be able to deliver on the promise."
Litecoin has been shoved to fifth place in terms of cryptocurrency market cap, according to coinmarketcap.com.It has gained 122% this week.
Watch Ripple's price move in real-time here>>
Get the latest Bitcoin price here.>>
NOW WATCH: The best places in the world to invest
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Narcissistic top management leads to poor employee retention, shows research
- Audi to hike vehicle prices by up to 2% from June
- Kotak Mahindra Bank shares tank 13%; mcap erodes by ₹37,721 crore post RBI action
- Rupee falls 6 paise to 83.39 against US dollar in early trade