With bitcoin, the largest cyrptocurrency by market cap, having a quiet start to the year, many investors are looking at alternative cryptocoins. Ethereum and ripple, for example, have seen fairly strong rallies to begin the year. And many are wondering which one could usurp bitcoin as the biggest cryptocurrency.
That jostling turned volatile on Monday as the price of ripple tumbled. Bitcoin also fell, while ethereum gained in value.
Ripple’s current circulation is 38,739,144,847 digital coins. At Monday’s earlier price of $2.49, its market cap was $96.46 billion, according to CoinMarketCap.com. Bitcoin’s market cap, meanwhile, was $254.2 billion on Monday.
To surpass the bitcoin, the challenger would only need to get to $6.57. This would require a rise of 164 percent. It rose nearly 36,000 percent last year.
Still, some experts have suggested that ripple has run ahead of itself. It works with large institutions and unlike bitcoin, many of the coins are actually owned by the company. This means it’s not as decentralized as bitcoin is.