HomeAnswerNotificationsCustomize Feeds
HOMEQUESTION
Did XRP just replaced Bitcoin in triggering trends in the crypto markets?
$0.00
1 ANSWER

I will not say that it will ever replace Bitcoin but it definitely has a great future. XRP is totally different from Bitcoin and of course it is one of the top traded cryptocurrency in the world. With the positive news that it had few days back, the price of XRP is growing like anything. We cannot completely say that it can bypass Bitcoin but it will definitely have a great outcome if held for long term. 

Every cryptocurrency that is out there in the market is unique in their own ways. There are several reasons why a cryptocurrency usually meets an uptrend and why it again meets a down trend. This also keeps changing. When the whole market usually falls, the top traded cryptocurrencies will also see a drastic fall. As most of the cryptocurrencies are dependent on the top traded cryptocurrencies, it will also see a fall. 

Best example that we can take is Steem. We all know the potential of Steem platform and the way it is growing among lots of people. There have been lots of new applications on top of steem blockchain but if we look at the price, it is still falling. Even though we see a good progress here, why is the steem price dragging? The reason is the dependency that steem has on other top traded cryptocurrencies. 

People who invest on steem are the ones who change their fiat to other cryptocurrencies and buy steem. There are also people who trade other cryptocurrencies and when there is a good opportunity they buy Steem. So as well see all these things to be dependent on each other, we will not be able to conclude that one cryptocurrency can bypass another.

But from what happened 2 days back, it is definitely a trend setter. Just because XRP raised 100 percent in few days, other cryptocurrencies are also seeing a positive graph. This is definitely a good sign and in a way we can also call this as a trend setting example.  

$1.06
Reply
1 Comment