The crypto market continues to bleed hard today. Close to $16 billion has been wiped off the charts today and this in just a couple of hours. Due to the bleeding, XRP returned to being the second largest cryptocurrency in the world after pushing Ethereum back to the third spot.
After only 8 days of holding on to the number two spot, Ethereum was, once again, leapfrogged by XRP.
Ethereum saw a massive recovery over the past month and a half, with the price surging to over $150 in 2019, however the massive sell-offs of today caused Ethereum to fall back to the third place.
Ethereum is currently trading at $129, and has seen a major drop of 14%, with a marketcap that sits at $13.5 billion, $200 million below the market cap of XRP, which sits at $13.7 billion.
It remains to be seen how fast Ethereum can crawl its way back into the number two spot.
The leapfrog can be attributed to the 14% drop in price in Ether over the last few hours, with XRP seeing a 'smaller' decline of almost 9% in the same time frame.
The two major sell-offs of today are rumoured to be caused by whales selling off huge amounts of BTC.
However, it is impossible to confirm this at the time of writing.