Ripple has reached an all-time high in market capitalization, according to CoinMarketCap.
Ripple’s CoinMarketCap chart threw up unexpected numbers this morning. Whether an error or a rabid surge, Ripple registered an explosion in market capital early Monday morning (GMT), scaling from $270 million to $1.2 billion. Trading volumes have more than doubled to over $8.7 million.
A look at the listed markets shows an entry, Ripple Gateways, driving the trading. Notably, it was buying XRP at a price of nearly $0.045 (now down to $0.039 at the time of publishing).
An observer on Reddit pointed to the inclusion of XRP at a London-based trading platform with a focus on cryptocurrency derivatives, behind the bullish surge.
Ripple has seen an increased interest from banks investing, partnering and adopting Ripple’s blockchain technology in recent times.
The blockchain and Fintech startup announced the launch of a new interbank group called the Global Payments Steering Group, recently. Compromised of six founding members, it represents the first interbank group for global payments based on blockchain technology developed by Ripple. Spread across three continents, the participating banks are Bank of America Merill Lynch and Royal Bank of Canada from North America; European banks Santander, UniCredit and Standard Chartered; and Australian banking institution Westpac Banking Corp.
Meanwhile, Ripple’s market capital has already lost over a third in value since its all-time high earlier today. At the time of publishing, CoinMarketCap shows a value of $797 million, still nearly 3 times that of its pre-surge capitalization.
Featured image from Shutterstock. Charts from CoinMarketCap.
Last modified: October 10, 2016 15:33 UTC