REVEALED: The ONE leading cryptocurrency that avoided today's bitcoin and ripple NOSEDIVE
BOTH bitcoin and ripple suffered devastating falls in the cryptocurrency markets today after China intervened to shut down exchanges - but one currency actually climbed in response.
CNBC reporter: Cryptocurrency Ripple falls 30% in one day
Ripple, the second biggest cryptocurrency in the world, suffered a shock 30 percent plunge today - with other world-beating digital currencies like bitcoin also falling.
This comes after China, which has the biggest mining operations for cryptocurrencies in the world, apparently urged an "orderly exit" from bitcoin mining earlier today.
This prompted a plunge in the price of ripple and bitcoin - but, in a shocking development, ethereum prices beat the trend and climbed today - up 2.4 percent to $1,100.50.
Ripple, the second biggest cryptocurrency in the world, suffered a 30% plunge today
Ethereum's return saw the cryptocurrency retake its position as the second-largest cryptocurrency by total market value.
While ripple saw the biggest losses today, bitcoin dropped 10.6 percent and litecoin by 8 percent.
This shock fall follows an incredible year in 2017 for ripple - after the cryptocurrency soared 35,000 percent
Contrary to other currencies, ripple has been working with global institutions, giving it a sense of legitimacy.
The reason ripple is surging so much is it's a bubble
However, cryptocurrency traders claim this centralization is at the root of why ripple is falling.
Erikk Voorhees, CEO of digital asset exchange ShapeShift, said: The reason ripple is surging so much is it's a bubble.
"Testing crypto with banks doesn't make sense. The whole idea of crypto is you don't need banks."