The price of XRP, the cryptocurrency underlying the Ripple network, hit a two-year high earlier today.
XRP rose to as much as $0.021 at 04:05 UTC, according to data from CoinMarketCap, representing a more than 100% gain over the last 24 hours and the highest level since January 2015. At press time, the average price of XRP is about $0.018.
Prices in that market advanced last week amidst broader speculation in the markets for alternative asset protocols. Miguel Vias, head of XRP markets for Ripple, commented on this development.
"I think the rally last week was largely BTC inspired," he told CoinDesk.
Some of those markets (including, for example, litecoin) have risen in recent days, though observers are split as to what is driving trader interest beyond a chase for potential gains. Tim Enneking, chairman of Crypto Asset Management, echoed that sentiment when reached.
"It's almost starting to look like a rotation from one altcoin to the next," he said.
It's not just XRP markets that are up today. Bitcoin prices have risen more than 4% at press time, according to the CoinDesk Bitcoin Price Index (BPI), averaging $1,085.92 at press time after the day opened at $1,037.53.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Correction: This article has been updated to properly attribute a quote to Tim Enneking.