Crypto Markets in The Green, XRP Sees Major Boost Briefly Overtaking ETH by Market Cap
Tuesday, Nov. 6: top cryptocurrencies have seen strong gains on the day, with Ripple (XRP) temporarily overtaking Ethereum (ETH) as the top altcoin by market capitalization.
Market visualization from Coin360
Bitcoin (BTC) is up 0.3 percent over the last 24 hours, and is trading at around $6,447 as of press time. Having briefly dipped below $6,400 during the day, BTC has rebounded and is pushing a slightly higher price point. BTC is still down 1.67 percent over the past 30 days.
Bitcoin 7-day price chart. Source: CoinMarketCap
ETH has seen some growth over the 24-hour period, up 3.64 percent from $206 to $215 at press time. ETH has won back its position as the second largest cryptocurrency with a market capitalization of $22.2 billion at press time.
Ethereum 24-hour price chart. Source: CoinMarketCap
The XRP price has increased by almost 10 percent on the day, which resulted in it briefly overtaking ETH in terms of market cap. At press time, XRP is trading at $0.53, while the coin’s market cap is around $21.4 billion.
Ripple 24-hour price chart. Source: CoinMarketCap
Bitcoin Cash (BCH) is still seeing gains following its recent hard fork, gaining 8.59 percent on the day and trading around $602 at press time. On its weekly chart, the coin’s lowest price point was on Oct. 31 at $415, but has steadily moved to its highest point of $607 today.
Bitcoin Cash 7-day price chart. Source: CoinMarketCap
Stellar (XLM) is trading at around $0.260 as of press time, having gained almost 7 percent on the day. The altcoin’s market cap is around $4.93 billion, while its daily trading volume is around $95.4 million.
Total market capitalization of all cryptocurrencies is over $217 billion at press time, according to CoinMarketCap, after seeing an intra-week low on Oct. 31 around $202 billion.
Total Market Capitalization 7-day chart. Source: CoinMarketCap
On Nov. 5, Michael Novogratz delivered a fresh bullish price prediction for BTC, suggesting that the leading cryptocurrency could hit highs of “$20,000 or more” in 2019. Novogratz said that next year conditions should change markedly, with institutional investors’ “FOMO” (‘fear of missing out’) causing a surge in prices.
Also yesterday, BTC futures trading on the U.S. Chicago Board Options Exchange (CBOE) hit record low volatility levels in October, in stark contrast to the rocky global equity markets. The average weekly volatility for the week ending Oct. 26 was reportedly just three percent for XBT-CBOE Bitcoin futures, the lowest ever level since they launched for trading on Dec. 10, 2017.