Ripple [XRP] briefly lost its top 3rd altcoin position today on 9th Feb. after newcomer Polkadot [DOT] overtook its market capitalization within an ongoing altcoin shake-up.
In line with data from CoinMarketCap, XRP is now barely holding on to the fifth-largest cryptocurrency spot and will soon leave the top 5 positions altogether.
The new order among the altcoins comes as a new “alt season” hits the market, with investors’ chosen targets differing considerably from the last in early 2018.
Among the victims is Bitcoin Cash [BCH], as reported was faraway from the highest ten altcoins due to Stellar [XLM] and Dogecoin [DOGE] in the week.
Within the case of XRP, the losses could are even worse. Trading at $0.46 USD at the reporting time, the token earlier traded as low as $0.16 USD amid legal issues at major shareholder Ripple.
While those issues remain unresolved and U.S. regulators should class XRP as an unregistered security, its fortunes have nonetheless improved in recent weeks.
With its impressive gains throughout 2021, however, Polkadot proved that one of the oldest altcoins on the market was no match for it. DOT/USD has risen by over 40% within the past week alone, having already flipped XRP for a quick time in January.
With that, XRP within the top 5 crypto assets by market capitalization could soon be a thing of the past as fellow contender Cardano [ADA] sets its sights on a sidestep of its own.
As of Tuesday, XRP and ADA both had market capitalizations of over $21 Bln. At its peak, XRP’s summed over $125 Bln against a price of $3.84 USD per coin – 735% above at the present.
Despite the shortage of progress versus all-time highs, the altcoin’s infamous army of social media proponents continues to believe that the great times are just around the corner.