Ripple markets appear buoyed this week as the asset gains 18 percent in 24 hours to briefly overtake Ethereum as top altcoin.
Ripple (XRP) overtook Ethereum (ETH) to become the largest altcoin by market capitalization again today, Nov. 6, after gaining 18 percent in 24 hours.
Data from CoinMarketCap confirms the latest switcharound of the top two altcoin assets, repeating a pattern that has occurred several times this year.
Market capitalization overview. Source: CoinMarketCap
XRP shot higher over the weekend as markets reacted to a basket of factors, including fresh uptake of Ripple’s xRapid platform, but it remains unclear which specific factors fuelled the rally.
xRapid, the payment network which uses XRP as its transfer medium, was responsible for a previous bull run in September, which again saw Ethereum relegated to the number two spot in market cap ratings.
At press time, XRP/USD is trading around $0.536, while ETH/USD had gained a modest 1.7 percent in 24 hours to hit just above $212.