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Bitcoin, Ethereum, Ripple and EOS: who's winning and who's losing?
As the crypto market gains more mainstream popularity, one thing is apparent--increasingly more altcoins are gaining in status, relative to the (still) most popular cryptocurrency, Bitcoin.
It's a common belief today in the crypto investment world, that Bitcoin is losing dominance--and history of its market cap relative to all other cryptocurrencies shows exactly that. Also, Ethereum, which was once viewed as the enabler of blockchain-based projects and companies, is slowly losing its supremacy.
Some insiders, such as Brad Garlinghouse, Ripple CEO, declared that Bitcoin could be on the verge of experiencing a price downfall in the cryptocurrency community as investors are gradually becoming aware of the different currencies and alternatives available to them.
Individual investors are becoming more focused on the mission of crypto companies and currencies (e.g., what problems are they solving?) and also the teams that run them.
So which coins are gaining in popularity relative to the rest? And which ones are likely to make it to or stay in the top 5 list (by market cap), if they are not there already?
EOS is a well-funded project--over $4B went into it, and now the company is rapidly releasing new features and functionalities. The EOS team is an A-team--and that's a requirement for companies planning to win in the crypto space.
But funds are not everything. Microsoft has spent billions trying to make Bing relevant and it failed. It’s not about the money but about the way you use resources, says Brad Garlinhouse. Ripple (XRP) has used its funds very wisely in a way that has created value for their users and coin holders.
When Bitcoin was initially offered in 2008, it was a game changer. It was the first time people could initiate transactions and trade without having banks or governments behind it.
But the landscape has changed. The secret source to winning in the long term is talent investment, focus on execution and long-term vision. EOS and Ripple seem to have that--and we'll watch closely how they execute.
Ripple (XRP.X) is down today: why?
Recently there has been a lot of positive momentum for Ripple (XRP.X)--the parent company of this cryptocurrency revealed the results of the first pilot study demonstrating lower transaction costs compared to traditional foreign exchange options. The study showed a 40% to 70% reduction in expenses compared to legacy solutions. What as even more impressive is the average Ripple payment time of two minutes, a stark contrast to three days, which is the time it typically takes to execute cross-border payments.
But the cryptocurrency is down 16% despite the fabulous news. What's driving the coin price down? What's the Ripple price forecast?
A week ago a class-action lawsuit was filed against the CEO of Ripple, Brad Garlinghouse, as well as the parent company Ripple Labs. The lawsuit claims that the cryptocurrency is scamming people. It was filed in California by Ripple’s very own investors.
The lawsuit was filed by Taylor-Copeland Law that focuses on crypto and blockchain litigation. The lead investor mentioned in the lawsuit is Ryan Coffee, who portends that Ripple is breaking both federal and state security laws, and is misleading the public regarding their services.
The market capitalization of all cryptocurrencies has dipped following the criticism from famous investors and entrepreneurs: Warren Buffett, Charlie Munger, and Bill Gates. Gates opined that he would short Bitcoin if he could.
The falling knife pattern of Ripple's price is concerning to traders. For the latest price and news on Ripple, please check Finstead and search for "XRP.X price" or "XRP.X news".
Ripple (XRP.X) comeback: a bull case
Ripple (XRP.X) recently bounced from its 3-month low and is attracting speculators’ interest again. For the latest news and price about Ripple, visit Finstead and type “Ripple news” or “Ripple price”.
What do you need to know about Ripple?
Ripple is a blockchain solution with a promise to transform the banking system. It is a RTGS (real-time gross settlement) system, currency exchange and remittance network designed by the Ripple Company.
Many renowned banks and payment providers are the clients of the company. Ripple aims at enhancing the efficiency of cross-border payments for its clients who make transactions worth billions every day.
Ripple hit an all-time high of $3.30 in January but it reached a low of 47 cents on April 6th. Since then Ripple's price has almost doubled.
Why has Ripple surged recently? Here are the top three reasons:
- Several channels reported that Binance, a crypto exchange, would allow its users to purchase altcoins using US dollars, which might have contributed to Ripple’s gains. However, Binance denied that it had plans to allow fiat currency transactions.
- Expectations are high that XRP will be listed on one of the top crypto exchanges this year.
- The tax season in the US also may have contributed to Ripple’s surge. Many investors cashed out their cryptocurrencies to pay for their tax dues. Now that the tax season is over, speculators are back to taking positions in Ripple and other altcoins.
It’s important to note that the entire crypto market is up and the general sentiment is that we’re finally coming out of a bear market and entering a bull market.
However, be careful about investing in Ripple—cryptos are an unregulated market with an extreme volatility, so be prepared to lose all your money if you invest in cryptos.