As Bitcoin continues to grow, some altcoins are not being left behind either. Last week there was an intense competition on the Top 10 of CoinMarketCap with some casualties being posted.
It was so engrossing to see some old cryptocurrencies uprooted from their longstanding positions. This registered the fact that no entity has a monopoly over a particular position.
Ethereum lost to Ripple
Smart Contract king, Ethereum in a very surprising circumstance lost its long-held number two spot to snowballing Bank Transfer giant Ripple. Fascinatingly, within the week it doubled its value and it was near twice the value of Ethereum.
Rising almost 40 percent, its market cap was over $15 bln. It has now lost almost $2 bln and Ethereum is now closing the gap. Actually, it was the second best-performing cryptocurrency on the top 10 last week.
Yet still, Ripple leads Ether with almost $2 bln in Market Cap. Some analysts in the space are strongly convinced it is likely that it will recover and take back the number two position it nearly monopolized for a couple of years.
It remained to be seen since Ripple keeps making deals with banks around the world expanding its portfolios. Anyway, Ethereum with no doubt as well has become a popular smart contract platform.
NEM pushed Litecoin
In a related development, on Thursday fast-growing NEM also pushed SegWit trailblazer, Litecoin to the fifth rank and became the world’s fourth most valuable digital currency. This was when the Ethereum Token rose a …