Cryptocurrencies
Ripple Is Surging And Its Market Cap Just Passed Ethereum
- Company plans to use digital coin for payment service
- Bloomberg Galaxy Crypto Index set for biggest gain since July
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Cryptocurrencies rallied as optimism spread surrounding Ripple Labs Inc.’s plans for using a digital coin, lifting peers that have lost more than $600 billion of value since January.
XRP, the cryptocurrency commonly referred to as Ripple, jumped as much as 50 percent to double its price from a week ago. XRP surpassed Ether as the second-biggest cryptocurrency on the surge, according to CoinMarketCap.com data. The Bloomberg Galaxy Crypto Index increased 15 percent, heading for its biggest one-day gain since mid-July. Ether and Litecoin were both up more than 8.5 percent and Bitcoin, the biggest by market value, rose 5.4 percent.