XRP saw a jump of more than 40% in the last 7 days as the world’s 4th most valuable digital currency accelerated its price recovery. The cryptocurrency is currently trading above $1.6 with a market cap of more than $74 billion.
According to Coinmarketcap, the XRP market cap has gained significant value during the last few weeks. XRP now has nearly 3.2% of the total market cap of digital currencies. Bitcoin remained the most dominant cryptocurrency with a market dominance of approximately 47.7%. Ethereum’s market dominance currently stands at around 15.7%, followed by Binance Coin (BNB) at 4.1%.
XRP price is now up by more than 500% since the start of this year. The cryptocurrency was trading at around $0.23 on 1 January 2021. The price rally gathered momentum in April as the digital currency spiked from $0.57 to $1.95, the highest level in more than 3 years.
The total market dominance of XRP has been on the rise since the start of April. The latest jump in Ethereum, BNB and XRP is causing a sharp decline in Bitcoin’s market dominance. In addition, the cryptocurrency reported a significant jump in weekly institutional inflows during April as the digital asset attracted approximately $33 million in the second week of April.
Whale Alert highlighted large XRP transactions over the weekend, mainly from the Ripple Escrow Wallet. Crypto transfers worth more than $1 billion were reported in the last 3 days. Moreover, Whale Alert pointed out the movement of 7 million XRP coins from a digital wallet to cryptocurrency exchange, Huobi. Finance Magnates earlier reported about the transfer of 15 million XRP from digital exchange crypto.com to an unknown wallet.
The total difference between the market cap of XRP and Binance Coin (BNB) currently stands at around $20 billion. Overall, the market cap of digital currencies touched $2.27 trillion on Monday, the highest level on record. The world’s largest digital currency Bitcoin (BTC) currently has a market cap of more than $1.08 trillion.