Ripple is on its way to the top.
The cryptocurrency surpassed bitcoin cash, an offshoot of bitcoin, to become the third-largest digital currency by market cap on Friday, Dec. 15. Ripple now boasts a $30.2 billion total value, about $1 billion more than bitcoin cash. Bitcoin still leads the market with a $298.5 billion market cap.
Friday's major move came as ripple reached a record high of 90 cents per coin, up almost 300% in three days. In early trading, ripple had simmered down slightly, but was still higher 16.4% to 78 cents per coin.
Ripple is booming �� pic.twitter.com/udgTyE4yYt— Brian Sozzi (@BrianSozzi) December 15, 2017
Ripple trades relatively cheaply compared to the other top crypto assets. At the start of this year, ripple went for just 0.006 cents each. It wasn't until March that it began trading above one cent. It's the wide circulation that allows ripple such a market cap - there are 38.7 billion ripple coins in circulation, compared to bitcoin's 16.7 million.
The rally in ripple intensified when on Friday, Bloomberg added ripple, ethereum and litecoin pricing to its terminal. As its price and moves become more widely disseminated, ripple will likely gain further public recognition.
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