Because of the significant price drop, Ripple's market capitalization fell below $100 billion and dropped the cryptocurrency down to third place in terms of market capitalization. Here is a list of the top 7 cryptocurrencies and how they performed in 2017.
It's been a fierce battle for silver in the cryptocurrency world in recent days.
According to market analysts, one of the reasons behind the slump is that on Monday Coinmarketcap removed South Korean cryptocurrency prices from its listing due to "the extreme divergence in prices from the rest of the world and limited arbitrage opportunity".
We will expect Bitcoin to be the market's litmus test for risk appetite this week as investors grapple with the South Korean government's chatter on regulation, with the markets likely to have been a little too sensitive to the comments. Some investors are deciding to hold their positions and other investors are cashing out of the cryptocurrency market - especially in Bitcoin after it recently reached $19,000-plus. As news about the real reason for the price correction spread, the cryptocurrency market started to slowly recover lost ground and the crypto market cap presently stands at $760 billion.
Cryptocurrencies were taking a beating on Monday amid concerns over an increase in global regulations, particularly in China and South Korea.More news: It snowed in one of the hottest places in the world
Analysts said bitcoin was also undermined by news earlier in the session that South Korean financial authorities were inspecting six local banks that offer virtual currency accounts to institutions. The move has made market investors jittery.
Whether Bitcoin can find its legs through the remainder of the day remains to be seen, but one thing looks certain and that is Ethereum staying on the front foot, as it continues to fight off the competition and defy gravity. Until December 20, the ripple stayed below $1 per coin.
Bitcoin witnessed another landmark achievement past year.
Traders said XRP was the most severely affected by CoinMarketCap's removal of South Korean prices because it was trading at a 50 per cent premium in that country.