Cryptocurrency Ripple has maintained its stratospheric rise, adding almost 45 percent more value since the calendar ticked over into 2018.

Ripple – which officially trades the currency XRP – is described by its San Francisco-based start-up as "a frictionless experience to send money globally using the power of the blockchain".

At midnight on December 31, XRP was trading at $US2.29. At the time of publishing on January 4, XRP added 44.9 percent more value at $US3.32.

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In mid-December XRP was trading at US 25 cents each.

XRP's rise has been so vast that according to cryptocurrency tracker Coinmarketcap, it is now the second-largest cryptocurrency behind Bitcoin by value.

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Ripple's market capitalisation is now valued at $130 billion, well below Bitcoin's $257 billion but remarkably higher than Ethereum's at $92 billion.

According to Ripple's website, payments using XRP can be completed in four seconds, compared to 2+ minutes for Ethereum and about an hour for Bitcoin.

Unlike Bitcoin which was intended to replace physical currency, Ripple was created to help large financial institutions transfer money internationally quickly and cheaply.

While the highs and lows of Bitcoin have been well publicised, many smaller cryptocurrencies have been gaining momentum as speculative investors and hardcore crypto traders look to diversify their portfolios.

Coinmarketcap now places the entire cryptocurrency market as having a capitalisation of $762 billion.

That places the digital currencies just shy of the world's most valuable company in tech giant Apple, which boasts a current market capitalisation of $884.28 billion.

The information provided on 9Finance is general information only. It has been prepared without taking into account your objectives, financial situation or needs. Digital currency is a volatile investment and should only be considered with professional advice.