Published on May 16th, 2017 | by bitcoin0
Ripple Nears $12 Billion Market Cap, Passes Ethereum- But For How Long?
With a 24.2 percent 24-hour increase, it surpassed Ethereum to become the world’s second largest cryptocurrency.
On May 8, Cointelegraph reported that Ripple overtook Ethereum after the formation of a Japanese bank consortium which further triggered the attention of institutional investors and casual traders in Japan.
Nearly overnight, Ripple price and market cap surged by around 34.4 percent and this time, unlike its price surge on May 8, the sudden increase in Ripple price is unjustified.
It is abnormal for a Blockchain network and cryptocurrency with the size of Ripple to add $3 bln to its market cap without a specific cause.
More importantly, as shown in the chart shared below, Ripple’s market cap has risen from around $200 mln to $11.4 bln in a two-month period.