Ripple has now become the second most valuable digital currency with a market cap of $89.4 billion as it surged on Tuesday to over $2.0 in value.

Competition amongst alt coins, namely Ethereuim, Ripple and Litecoin has increased as investors and speculators look for alternatives to Bitcoin.

Surge in Value Attributed to Interest From Financial Institutions

Last week’s news that several banks and financial companies in South Korea and Japan are incorporating Ripple blockchain technology in their banking systems saw the value of Ripple surge. Transactions that used to take hours with the traditional financial transactions now take seconds with the use of Ripple blockchain technology.

Since its launch in 2012 Ripple has managed to facilitate global financial transactions. To date Santander, UBS and the Bank of America are using the Ripple platform.

Overtakes Ethereum

Over the last couple of months Ripple’s price has fluctuated between $0.2 and $1.1, and with Tuesdays surge to over $2.00 it topped the charts as the most valuable alt coin. With the market cap at $89.4 billion, it took the lead from Ethereum its market cap is around $85 billion.

Attention Shifts From Bitcoin to Alt Coins

Bitcoin who has made many speculators and investors wealthy over the last couple of months with its volatile trading and incredible price increases, reaching up to $20,000 on some exchanges is declining in value. Although still a high-value cryptocurrency, alt coins has caught the attention of speculators as their focus shifts. In terms of performance Ripple has topped the charts amongst alt coins in 2017, according to some stats.

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