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Thursday, May 18, 2017

Ripple Nears $12 Bln Market Cap, Surpasses Ethereum Again. For How Long?

Ripple Nears $12 Bln Market Cap, Surpasses Ethereum Again. For How Long?

Ripple has done it again. With a 24.2 percent 24-hour increase, it surpassed Ethereum to become the world’s second largest cryptocurrency. However, investors are concerned about Ripple’s mid-term price trajectory.

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. At the time, the Japan Bank Consortium stated:

“In order to address these emerging needs, banks have come together to launch the Japan Bank Consortium for cross-border and domestic payments which enable a flexible and efficient payment system. It is the world’s first case to implement Ripple solution in a cloud environment.”

Since then, Ripple has demonstrated a high level of volatility, mostly because its trading is concentrated in two major markets: Japan and South Korea. According to various Bitcoin and digital market data providers including CoinMarketCap, nearly 15 percent of Ripple’s daily trades are processed in South Korea and, along with Japan, it is processing the majority of orders.

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