WATCH: Bitcoin explained by Dwayne Henne of KCCU Wealth Solutions. Bitcoin may be the most famous cryptocurrency but, despite a dizzying rise, it’s not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting.
Dozens of crypto units see the light of day every week, as baffled financial experts look on, and while none can match Bitcoin’s $242 billion market capitalisation, several have left the media darling’s profitability in the dust. In fact, bitcoin is not even in the top 10 of the crypto world’s best performers.
READ MORE: KFC Canada briefly accepts Bitcoin as payment for $20 bucket meals Top of the heap is Ripple which posted a jaw-dropping 36,000 percent rise in 2017 and early this year broke through the $122 billion capitalisation mark, matching the value of blue-chip companies such as, say, global cosmetics giant L’Oreal. “Its value shot up when a newspaper said that around 100 financial institutions were going to adopt their system,” said Alexandre Stachtchenko, co-founder of specialist consulting group Blockchain Partners.
Using Ripple’s technology framework, however, is not the same as adopting the currency itself, and so the Ripple’s rise should be considered as “purely speculative”, according to Alexandre David, founder of sector specialist Eureka Certification. Others point out that Ripple’s market penetration is paper-thin as only 15 people hold between 60 and 80 percent of existing Ripples, among them co-founder Chris Larsen.
But it still got him a moment of fame when, according to Forbes magazine, Larsen briefly stole Facebook founder Mark Zuckerberg’s spot as the fifth-wealthiest person in the US at the start of the year. Ether is another rising star, based on the Ethereum protocol created in 2009 by a 19-year old programmer and seen by some specialists as a promising approach. Read more from globalnews.ca…
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