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.
