Is Telegram plotting a new cryptocurrency to rival Bitcoin, Ethereum and Ripple?

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It's been a fierce battle for silver in the cryptocurrency world in recent days.

Ripple prices fell roughly 25% Monday to $2.50, leading a broader sell-off in the cryptocurrency markets. During that Ripple was the second most valued cryptocurrency after Bitcoin in terms of market cap. The markets started the new year 2018 at around $600 billion and with altcoins like Ethereum, Ripple, Torn and others gaining significantly, the overall market valuation jumped over $800 billion last Saturday on Jan 6th, 2018. The price of a single bitcoin, which was inching towards $17,000 24 hours ago, was down by 12.7% to $14,108.

It was a hodge podge of news Monday that helped shape those shifting dynamics.

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Ripple had a insane start to the year, with its price surging by more than 70% in just four days to hit an all-time high of $3.81 with its valuation soaring to above $148 billion.

A website called coinmarketcap.com on Monday removed data from some South Korean exchanges from its price quotes for a range of virtual currencies including bitcoin, Ethereum and Ripple's XRP.

It's looking like Telegram will debut its cryptocurrency - dubbed Gram - on its in-house messaging client, where it will exist as a peer-to-peer payment system that lets users send money to each other. Cryptocurrency markets were worth $835.6 billion at 11.07 UTC yesterday.

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Bitcoin fell after regulators in South Korea, the cryptocurrency's largest market, said they were launching probes into six banks to crack down on speculation.

As Ethereum and Ripple both have significantly high circulating supplies compared to Bitcoin, the price of the coins can be substantially lower than BTC to reach a similar or higher market cap.

That dispelled hopes that Ripple would be exposed to even more investors, namely, those on Coinbase.

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