It is very well known in the cryptocurrency industry that when the world’s largest cryptocurrency by market cap Bitcoin (BTC) initiates a bull run it also influences the rest of the cryptocurrency market as well. This is what currently happening in the digital currency market. Bitcoin started a bullish rally weeks ago and reached as high as $18,800. Following the footsteps of the top-ranked cryptocurrency, some of the popular altcoins also steadily started rising up.
However, altcoins seem to have gained pace while on the other hand Bitcoin has gone slow down at the moment. The world’s two largest altcoins have outshined Bitcoin in both daily as well as weekly price gains. These top two altcoins are the second-ranked cryptocurrency Ethereum (ETH) and the third-ranked digital token XRP. Both of these altcoins have turned extremely bullish at the moment.
As per the data from CoinMarketCap, Ethereum is currently up more than 11 percent over the past day. While on the other hand, XRP is trading up by nearly 25 percent in the last 24 hours. As compared to these altcoins, Bitcoin’s daily price gain is only 0.59 percent, at the press time. If we compare these three top assets of the world in terms of weekly price gains, the top-ranked digital currency is also behind these altcoins in this case as well. Weekly price gains of BTC, ETH, and XRP are 10.65%, 27.72%, and 88.88%, respectively.
These altcoins have not only outshined Bitcoin in terms of price gains but they have also beaten the leading digital coin in terms of market capitalization as well. Over the past few days, the native digital token of Ripple has added more than $8 billion into its market cap which has now reached the $24 billion mark. With this market cap, XRP has also overtaken the Tether (USDT) stablecoin to become the third-largest digital currency in the world. Ethereum was also able to take its market cap to $67 billion amid its price rally to the $600 mark.
Bitcoin, on the other hand, has witnessed a loss in its market cap. After recording an all-time high value of $350 billion a few days ago, it has now dropped down to the figure of $337 billion where it is currently standing.