Although the market has stabilized its valuation at around $210 billion but the currencies are showing anomalies. XRP recently spiked up in terms of market cap and valuation. The currency took over Ethereum’s market capitalization a little time ago after which ETH bounced back and regained its spot. The war is still on though.
XRP was one of the most talked about currency last month when it showed exponential growth giving the investors a moment to celebrate. The market capitalization significantly increased putting it in the game with ETH, the market then faced a few setbacks due to which XRP landed back in the 40 cents area. Recently, the currency has surged again in terms of valuations and hence the market capitalization. The graphs show exponential growth overnight,
This surge made the currency land its name at the second spot in the cryptocurrencies according to CoinMarketCap but ETH bounced back to reclaim the throne. Although ETH is back on its position but their market caps are very close to each other. According to the statistics,
XRP has grown with a growth factor of 14.56% and is being traded at $0.54 at the moment, which is a huge increase.
Although the currency’s try to reach for the second spot is the topic that’s being talked about, but the eToro’s market analyst believes that this is probably no the best way to evaluate the level of a cryptocurrency. He stated,
Market cap is a flawed metric for evaluating cryptoassets.
Probably market cap, in addition to the liquidity and volumes are the better metrics for the evaluation of a crypto asset’s.
In other news USDT has started losing its peg to the USD once again, Ran Neu Ner recently tweeted adding a humorous touch to the event saying,
Here we go again… pic.twitter.com/cD7ARHlVdU
— Ran NeuNer (@cryptomanran) November 4, 2018
The drop in Tether’s valuation, the sell off and all the hate it got pushed them to burn tokens, which let to the price becoming normal again, pegged to the USD. Tether’s drop caused the valuation of BTC to spike which was the reason people started calling the market more centralized than decentralized as a controlling factor was present. It is hoped that the stable coin achieves the peg that it promised to maintain.