If ripple hits $7 then it will be bigger than bitcoin
With so many cryptocurrency watchers the market capitalization has become an obsession. It actually refers to the entire value of digital currency in circulation and it is then workout by multiplying the virtual coin supply based on the price per unit.
The largest cryptocurrency by market cap, bitcoin had a quite start to the year and thus several investors are looking at some alternative cryptocurrencies like ripple and Ethereum that have seen strong rallies to start the year.
And hence many are wondering which one could take over bitcoin as the largest cryptocurrency.
Ethereum and ripple have been fighting for the second position and that has changed as per the price. On Monday, that jostling turned volatile as the actual value of the ripple tumbled. Bitcoin also fell, while the ethereum gained in price.
Ripple is expected to be bigger than bitcoin if acquires $7
The current circulation of ripple is about 38, 739, 144, 84 digital coins. At earlier price of $2.49, its market cap was nearly $96.46 billion. Meanwhile, bitcoin’s market cap was $254.2 billion.
To surpass this, the ripple cryprocurrency would need to get to $ 6.57 and would require a rise of 164 %. Last year it increased nearly 36,000 %.
According to survey, ethereum’s current price is $1,119 and has circulating supply of 96,846,982 with the market cap of $108.3 billion. Ethereum would need to increase to around $2,700 in order to surpass the value of bitcoin. This would need a 134 % rally from Monday’s price which is less that the growth required by ripple.
Both these digital currencies benefits from the big circulating supplies than bitcoin which means the price of each digital coin can be smaller to achieve a larger market cap. Bitcoin’s market supply is capped at 21 million with the current supply is recorded as 16,789,425.
With the dominance of bitcoin is standing at lower records. On the other hand, the alternative cyptocurrencies seeing big price gains, which is not inconceivable that either ethereum or ripple could gain the top spot in the form of market cap soon.
If bitcoin sees a huge gain in the price in 2018, then it will make it difficult for these cryptocurrency to surpass it.
But some experts have suggested that ripple has run ahead of itself that works with great institutions and many of the coins are owned by the firm.