Bitcoin 'Hwangbo', Ripple 'High Altitude'... Ripple Ranks 3rd in Market Cap in a Month

CEO Supports Trump in US Presidential Election

Korean Investors Rush to Buy

Bitcoin Fails to Surpass 100,000

Bitcoin, which once had a market cap of 100,000, is showing strength as Ripple rises. Ripple has risen to 3rd place in market cap after surpassing Tether. According to CoinMarketCap on the 3rd, Ripple is trading at 2.70 dollars as of 3:50 PM Korean time. Compared to a week ago, it has surged by 90.67%. On this day, at 1:25 PM, it reached as high as 2.85 dollars before adjusting after a large volume of transactions. At the same time, Bitcoin was traded at 9,6045 dollars.

On the 5th of last month, Ripple's price was 0.51 dollars. In just a month, the price has surged more than fifteen times. Ripple's market cap has risen to 150 billion dollars (approximately 210 trillion won), ranking 3rd following Bitcoin and Ethereum.

The reason for Ripple's rapid rise is due to high expectations for the launch of Ripple physical ETF. Recently, US asset management companies Bitwise, Canari Capital, 21Shares, and WisdomTree have submitted applications for the launch of Ripple physical ETF to the SEC. Also, Ripple Labs, the issuer of Ripple, is being noted as the biggest supporter of Donald Trump in this US presidential election.

In the market, there is also analysis that Korean investors are heavily buying Ripple. CoinDesk reported, "After the news that the Democratic Party in Korea agreed to the virtual asset taxation plan for two years, a large amount of Ripple transactions surged." According to the virtual asset information site CoinGecko, Ripple accounts for about 30% of the total trading volume on Upbit.

Reporter Seo Hyung-kyo seogyo@hankyung.com