Best-performing cryptocurrency with 38-fold hike in 2017
- Year 2017 was dominated by the rise of cryptocurrencies and the craze for Bitcoins, litecoin and ethereum only seem to be growing.
- But when it comes to the best performing cryptocurrency of the year, XRP by fintech company Ripple was easily the best option, witnessing a 37,000 per cent gain from $0.0065 per token in January 2017 to $2.47 by the end of the year.
- Meaning that Ripple has seen an annual rise of over 36,000 per cent!
- Ripple markets itself as a cross-border payments solution for large financial institutions based on blockchain technology.
- According to reports, Ripple’s technology allows transfers to be processed much faster than bitcoin’s.
- Unlike Bitcoin, Ripple isn’t created, or “mined,” by users, but the company has control. This makes it a more secure payment system than its rivals.
- Ripple has also formed key partnerships with established financial players including American Express and UBS.
- Early today, the digital coin reached an all time high of $2.51, according to data from CryptoCompare.
- Moreover, the digital currency is much more affordable than Bitcoin (about $15,000) or Ethereum (about $890).
- Ripple’s growth came after reports its payments system was being tested with a host of global banks, with Japanese and Korean credit card companies confirming they would pilot the technology.
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