3 min read / January 13, 2018 Generally, the consensus among blockchain enthusiasts is that Ethereum will be the platform that powers Web 3.0. However, Ethereum’s developers, including its founder Vitalik Buterin, are characteristically muted when talking about their creation’s potential.
Last week, one of Ethereum’s top developers even tweeted the following: This frankness runs contrary to many others in the cryptocurrency space and is perhaps one of the reasons that Ethereum has performed well in recent weeks, as the wider market has been gripped by particularly volatile price swings. Hype is prevalent in the blockchain space and as the total market capitalisation of all coins and tokens approaches $1trn Over the Christmas period, the cryptocurrency world was gripped by Ripple’s extraordinary rise from around $0.2 in late November to highs in excess of $3 in early January.
The financial institution-friendly cryptocurrency managed to overtake Ethereum’s market cap to reach a high of around $130bn on the news that it was the first cryptocurrency to receive institutional support and was on the cusp of widespread adoption. Indeed, Ripple’s CEO briefly became wealthier than Mark Zuckerberg based on the market value of the 50,000,000,000 XRP that he currently holds.
However, the hype died down and the reality that no banks have yet fully adopted the Ripple protocol soon set in. Ripple promptly tanked some 50% before recovering slightly, settling for a market cap of around $80bn and returning to the number three spot.
The hype still lingers and many mainstream media outlets are still hailing Ripple the “new bitcoin”, thus showing their ignorance of its price movements and technological differences with the grandfather of cryptocurrencies. But the market has recognised the scale of hype around Ripple was not proportional to its adoption, and XRP has been punished for it (though it of course remains 1000% up from its price in November). Read more from themarketmogul.com…
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