ForexMinute.com – Litecoin recently surged to the second place in the list of top cryptocurrencies by market cap, beating Ripple. The disputed silver-to-Bitcoin-gold though had a terrible week owing to Chinese exchanges acting on the orders of PBOC and shutting down their accounts from state-based banks.
Another major factor behind Litecoin bagging the prestigious spot after Bitcoin is Ripple’s poor performance from the past few days. All this time, Ripple have bagged the number two position in best cryptocurrency market cap list, mostly because 25% of them are already pre-mined. Until last week, the peak market cap of Ripple was around $822 million. Currently, it is just $46 million.
And quite amusingly, Ripple is not considered as a cryptocurrency at all by decentralization fans. It is normally a distributed gateway that allow conversions between any currency. This platform also issues debt by using IOUs, while its mining process is simply called a donation of time to solve scientific problems. A large majority of the cryptocurrency community considers Ripple as some sort of a scam, known as ‘The Ripple Scam.’
The market cap fall of Ripple coincides with its creators’ announcement of building a global payment protocol. While the announcement seems grand, its unproven effect on the Ripple’s market cap is highly negative. The Ripple Labs also said to have raised around $6.5 million from Andreessen Horowitz, Lightspeed Venture Partners and Google Ventures.
Litecoin, on the other hand, has amusingly received a free candy in the name of second largest cryptocurrency. Its previous week’s performance is likewise the other top digital coins – all of whose values saw a huge drop because of the major Bitcoin Exchanges in China shutting down their Chinese trading accounts.
Keep watching this space to stay updated with Litecoin’s market movements.
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To contact the reporter the story: Yashu Gola at firstname.lastname@example.org