Grayscale Spotlights XRP

Grayscale, the world’s largest crypto asset manager, recently included XRP in its weekly spotlight of leading digital currencies by market capitalization.

This inclusion signifies XRP’s position as a prominent player within the cryptocurrency industry. Grayscale’s initiative aims to educate investors by providing transparent data on the price performance of major crypto assets.

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The spotlight revealed a challenging week for the top ten cryptocurrencies. Eight out of ten experienced price declines between July 3rd and 10th. Dogecoin (DOGE) suffered the most significant loss, dropping 9% in price. Toncoin (TON) followed closely behind with an 8.3% decrease, bringing its market cap down to $18 billion.

Established players like XRP, Ethereum (ETH), and Binance Coin (BNB) also witnessed losses, each shedding around 6% of their value over the week. Bitcoin (BTC) exhibited more resilience, declining by a smaller margin of 4.4%.

YTD (Year-to-Date) Analysis

However, the story is different when examining year-to-date (YTD) performance. Despite its weekly dip, Toncoin remains the top performer among the top ten cryptocurrencies with a staggering YTD gain of 217.4%.

Binance Coin (BNB) sits firmly in second place with a YTD return of 67.7%. Bitcoin, Ethereum, and Solana (SOL) have all witnessed moderate growth of around 35% since the beginning of the year. Dogecoin and Tron (TRX) display more modest YTD gains of 20.8% and 22.1%, respectively.

XRP stands out with a contrasting YTD performance, experiencing a decline of 28.6%. This positions it behind Cardano (ADA) and Avalanche (AVAX), which have also seen negative YTD returns of 34.4% and 33.4%, respectively.

Grayscale’s weekly snapshot is a continuous effort to provide market transparency. In December, for example, the firm collaborated with CNBC to showcase a crypto watch featuring XRP and Bitcoin. This initiative coincided with the approval of Grayscale’s application for a Bitcoin spot ETF.

Read Also: CoinShares: Institutional Investors Continue To Dump Ethereum (ETH) In Favor Of Solana (SOL)

Interestingly, Grayscale’s latest snapshot excludes the meme coin Shiba Inu (SHIB), which previously featured in June with a market cap of $10 billion. Shiba Inu’s place has been taken by Avalanche, boasting a higher market capitalization.

Grayscale’s spotlight acknowledges XRP’s status as a significant player in the cryptocurrency landscape. However, XRP’s YTD performance falls short compared to other major digital assets. This highlights the dynamic and often volatile nature of the cryptocurrency market.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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