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article imageBanking cryptocurrency Ripple increases in value by over 50%

By James Walker     Dec 13, 2017 in Technology
The cryptocurrency Ripple has more than doubled in price this week and is now the fourth largest by market cap. Ripple has overtaken Litecoin, another alternative coin with similar gains over the past week. Bitcoin's rally is driving the trend.
Ripple now has a market cap of over $18.64 billion, according to figures from CoinMarketCap. As Market Insider reports, the cryptocurrency has benefitted from Bitcoin's climbs this month. The boom is now propagating down towards smaller altcoins aimed at specific markets and applications.
Digital assets
Ripple's designed to be a cryptocurrency specifically suited to global money transfers. It's meant to be used for banking applications and worldwide transactions. The cryptocurrency could form the basis of a modern fintech approach to wire transfers, improving transaction speed and security. With banks and financial institutions increasingly interested in fintech and cryptocurrencies, Ripple's positioning itself to attract their attention.
Ripple CEO Brad Garlinghouse told Business Insider that the coin is "uniquely positioned" to deliver on the promise of digital assets. Garlinghouse recognised that the market is coming to better understand the realities of cryptocurrency performance. Aided by the enormous growth in Bitcoin's value, investors are gaining confidence in making commitments to smaller, more focused cryptocurrencies.
READ NEXT: Coinbase CEO warns users to "invest responsibly"
Ripple has more than doubled in price since Monday, participating in a collective spike in the value of cryptocurrency "altcoins." The news that it has surpassed Litecoin, one of the most popular altcoins, to reach fourth place in the crypto charts suggests Ripple's advantages are now being noticed by investors. Litecoin itself has made similarly impressive gains this week, soaring by over 120 percent.
Altcoin bubble
Today Ethereum, the second largest cryptocurrency by market cap, reached a new record high as the cryptocurrency market continues to rally. Ethereum has gained over 20% in the past 24 hours, reaching $707 per coin and a market cap of $66.5 billion. Ethereum also has its own specific focus, targeting ICOs and decentralised blockchain-based apps.
The relentless rally has sparked concerns that the market could be about to collapse in one of the biggest asset bubbles ever observed. This week, the CEO of cryptocurrency exchange Coinbase warned users of the risks, reminding the platform's customers to "invest responsibly."
Although cryptocurrencies are still increasing in value, the underling volatility remains present. Bitcoin has experienced several violent swings over the past fortnight, including gains and losses of over $2,000.
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