Digital currency ripple soars nearly 56 percent, becomes second-largest cryptocurrency by market cap

Ripple surged nearly 56 percent Friday to an all-time high, surpassing ethereum as the second-largest cryptocurrency by market capitalization.

Officially called XRP, ripple climbed 55.9 percent to a record high of $2.23 Friday afternoon, according to CoinMarketCap. The digital currency had a market cap of $86.3 billion, surpassing ethereum's $73 billion, according to the website. Earlier, the two cryptocurrencies vied for the second-place spot as prices fluctuated in morning trading.

Bitcoin remains the largest digital currency by far. It has a market capitalization of roughly $247 billion, accounting for about 41 percent of the total cryptocurrency market cap tracked by CoinMarketCap. Ripple accounted for about 12.5 percent, while ethereum was around 12.1 percent, the website showed.

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