... or rather, it did, and it might do again.
Ethereum has enjoyed its reign as the world's 2nd largest cryptocurrency by total market capitalisation for some time now, overtaken only by Ripple (XRP) for a couple of very brief periods back in 2017 and early 2018.
After an unprecedented year of successful ICOs in 2017 that sent prices skyrocketing, 2018 has seen all of the major cryptocurrencies plummet in value. After the first week of September, the prices of the top cryptos were not far from where they were back in mid-2017, when they were first starting to gain real traction.
However, in their usual volatile fashion, the three top cryptos (Bitcoin, Ethereum and XRP) have started to recover throughout the month. XRP surged on Friday after reports that Ripple was close to launching its blockchain-based payment system, xRapid and, although it has since fallen (losing over $9bn off its market cap between Friday and Tuesday, according to CNBC), it's now head to head with Ethereum in the battle for the number 2 spot.
During the time it's taken to write this brief update, Ripple's total market cap (according to coindesk.com) has overtaken Ethereum - and then fallen back below it - on several occasions. Ethereum currently stands in the lead at $22.46bn against XRP's $21.39bn, but further updates on Ripple's launch of xRapid could well turn the tides again.
Meanwhile, Bitcoin sits firmly at the top of the ladder with a market cap of just under $113bn...
Ripple has risen more than 100% so far this month as investors bet it will become the defacto way the world's established banks and financial services firms move money across borders