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Grayscale, the most prominent crypto asset manager, has spotlighted $XRP as one of the most valuable crypto assets in the industry.
In a recent post on X, Grayscale shared a weekly spotlight of the most prominent crypto assets in the market, specifically highlighting their price performances. $XRP was featured in the highlight reel. It stood alongside industry giants Bitcoin and Ethereum with its market cap of $25 billion.
📸 Grayscale Crypto Snapshot – Assets
Our weekly snapshot of the top 10 #crypto assets by 1 week returns.
–$TRX $SOL $AVAX $ADA $BTC $BNB $ETH $XRP $TON $DOGE pic.twitter.com/G9S0swCJl0
— Grayscale (@Grayscale) July 11, 2024
The weekly snapshot revealed a challenging seven-day period for the top ten crypto assets, with all but two experiencing significant declines. While Solana ($SOL) and Tron ($TRX) bucked the trend with positive returns, the remaining eight assets in the top ten posted negative returns.
The biggest loser for the week was Dogecoin ($DOGE), whose value collapsed by 9% between July 3 and 10. Toncoin ($TON) followed closely, which tanked by 8.3% during the same time frame, reducing its cap to $18 billion.
$XRP, Ethereum, and Binance Coin ($BNB) suffered similar losses, each shedding 6% of their value over the week. Bitcoin fared slightly better but still declined by 4.4%.
On the other hand, $TRX surged by 2.3% during the same period, while $SOL posted a 0.5% gain. Effectively, these weekly losses impacted the year-to-date yields of these top-ranking crypto assets.
$XRP Loss Big on YTD Scale
Despite crashing by 8.3% in the past week, Toncoin has still managed to hold onto an impressive 217.4% year-to-date (YTD) gain, making it the top-performing asset among the top ten cryptocurrencies. Its closest competitors trail far behind, with $BNB boasting a 67.7% YTD return.
Solana, Bitcoin, and Ethereum have all seen gains of around 35% since January. Meanwhile, Dogecoin and Tron ($TRX) have maintained more modest YTD returns of 20.8% and 22.1%, respectively.
On the other hand, $XRP has struggled with a significant year-to-date decline, plummeting 28.6% since January. However, Cardano ($ADA) and Avalanche ($AVAX) have fared even worse, with their YTD price performances suffering losses of 34.4% and 33.4%, respectively.
Grayscale’s $XRP Spotlights
Grayscale’s snapshot is part of the firm’s ongoing effort to provide the public with a clear and informative view of the crypto asset market, showcasing the price performance of the top ten cryptocurrencies. This is not a one-time initiative, as Grayscale has a history of similar endeavors.
In December, for instance, the firm partnered with CNBC TV to exhibit a crypto watch, highlighting the market values of $XRP and Bitcoin. Notably, this move came just before Grayscale’s application to list a Bitcoin spot ETF was approved.
Notably, Grayscale’s latest weekly snapshot has omitted the meme coin Shiba Inu ($SHIB). In a June edition, $SHIB was featured with a market cap of approximately $10 billion. Now, $AVAX has taken its place, boasting an additional $500 million in market capitalization over $SHIB.