Bitcoin Price Moves Sideways: Ripple Briefly Was 2nd Most Valuable Cryptocurrency

Ripple, a cryptocurrency that has soared by more than 540 percent in value in the last two weeks, overtook ethereum this morning to become the world’s second-most valuable cryptocurrency. Ripple’s payment network is being tested by consortiums in Japan and South Korea to reduce costs and time required for transferring money between the two countries.

At 11:04 UTC this morning, Ripple had a valuation of $73.6 billion and was trading at $1.90 per pop. Those figures were sufficient for it to overtake ethereum, which was valued at $70.5 billion. But Ripple’s reign lasted only a short while. At 14:55 UTC, it was worth $71.6 billion as compared to Ethereum’s $73.1 billion market cap.

In the meanwhile, bitcoin’s price has mostly moved within the $14,000 range in the last 24 hours. At 14:59 UTC, the price of a single bitcoin was $14,485.88, almost unchanged from 24 hours ago.

Prices for the top 10 most-traded cryptocurrencies were a mixed bag. Seven moved upwards. Ripple and Cardano, another cryptocurrency which has racked up substantial gains in the last two weeks, were the biggest movers and had increases of 31.3% and 22.8%, respectively. Bitcoin Cash was subsumed under the Ripple landslide. The bitcoin rival was down 5% from its price 24 hours ago and had a valuation of $42.4 billion.

A Remarkable Year
Less than two weeks ago, bitcoin was flirting with a price target of $20,000. But that figure seems like a pipe dream for the cryptocurrency’s enthusiasts, given the recent slump in its prices. (See also: Bitcoin's Price Crosses $19 K: How Soon Before $20,000?)

Still, this has a been an eventful year for the prices of bitcoin and cryptocurrencies in general. Their price gains made news and helped gain mainstream traction. Awareness and users grew as they raced past new records.

The constituency pontificating (and investing) in cryptocurrencies comprised a diverse set, from technology experts to JPMorgan Chase Co. (JPM) CEO Jamie Dimon and legendary investor Warren Buffett to Japanese housewives. Even Paul Krugman’s barber and Paris Hilton chimed in.

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