Ripple price gains this week significantly exceeded the top two bitcoin and Ethereum in the digital currency market. On Friday, US stocks rose 50% before midday, hitting the highest since May, close to 77 cents. Since the beginning of this week, Ripple has soared 150%, and the market value once stood at 233.9 billion US dollars, surpassing the market value of the second Ethereum of 232 billion US dollars.
Since this week, Ripple has soared 150%, and its price has doubled from last week, but it has fallen more than 50% from the peak of 2018. According to Citicoins, the market value of Ripple has once stood at $233.9 billion, surpassing the market value of Ethereum at $232 billion, representing Ripple second-highest digital currency.
However, observations also found that in history, Ripple market value is over Ethereum, and then Ripple will experience a sharp depreciation. As of press time, the Ethereum regained the second place in the digital currency. Bitcoin market capitalization has remained at more than $116 billion, far exceeding other digital currencies.
With the overall optimism of the currency, the mainstream digital currency has risen substantially in the past 24 hours. Bloomberg’s Galaxy Crypto Index digital currency index rose 15% on Friday, the biggest one-day gain since mid-July.Ethereum price has risen by more than 17% in the past 24 hours, bitcoin has risen by more than 5%, and stood at $6,700.
Matthew Newton, a London-based analyst at eToro, the world’s leading social trading and investment platform, believes that whenever a mainstream digital currency soars, it will make headlines, attract attention, and may lead to incremental flows. Sex enters the market and further boosts the digital currency.
Wall Street has mentioned that in September, digital currency continued to fall between the technical bear market, and the overall market value of last Monday rose to a new low in ten months. At that time, the total market value of digital currency tracked by Citicoins was less than $200 billion, a drop of nearly $640 billion from the peak in January. At the peak, the overall market value of the currency circle was as high as $835 billion.
According to Cointelegraph on Wednesday, PNC, the top 10 mainstream bank in the US, announced that it will use RippleNet to handle international payments for its clients. Specifically, PNC’s financial management department will use Ripple’s blockchain solution, xCurrent, to accelerate overseas transactions for US business customers, such as making payments immediately through invoices.
According to reports, ripple plan is to purchase and sell related assets through XRP. With cooperation with more financial institutions and payment service providers, it will deepen the application of this digital currency and increase the attractiveness of investors. But Bloomberg pointed out that many institutional investors still dare not easily hold digital currency as an alternative asset. Most banks and payment institutions that are testing blockchain technology believe that it is not entirely necessary to use digital currency as a transfer agent.