Ether Tops Ripple to Reclaim Second Spot in Crypto Rankings

(Bloomberg) -- Is it a comeback or a flippening?

Ether has reclaimed the title of the world's second-largest cryptocurrency by market value. Ripple had a short-lived stint after surging past the digital coin for the ethereum network 10 days ago, but has slipped in the rankings after falling more than 14 percent. The decline was initially spurred by an announcement last week that Coinbase Inc. wouldn't list any new coins such as ripple on its online exchange.

Ether now boasts a market cap of just over $111 billion, while ripple's value has shrunk to about $98 billion, according to Coinmarketcap.com. The website began today to exclude pricing data from Korean exchanges, reducing ripple's listed value and bringing it more in line with data sites such as Bitstamp.net. Bitcoin remains by far the world's largest cryptocurrency, with a market capitalization of about $255 billion.

The switch could once again add fuel to the "flippening" fire, which is what ether enthusiasts call the coin's anticipated rise to overtake bitcoin and become the largest crypto coin. Ether's pursuit seemed foiled just last week as ripple's value climbed as high as $140 billion, but the most recent twist in the saga could restore hope that yet another flip is coming.

To contact the reporter on this story: Kailey Leinz in New York at kleinz1@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Randall Jensen

©2018 Bloomberg L.P.