Bitcoin Rival Ripple Could Take Its Spot As The Top Cryptocurrency
The dominance of Bitcoin will soon come to an end according to Ripple CEO Brad Garlinghouse. The company's crypto token, XRP, has been making huge strides in the cryoto marketplace taking the title of best performing digital currency with a whopping 36,000 percent gain.
According to Garlinghouse, XRP is a "new category" in the world of cryptocurrency and fast catching up with its rivals. He added that the token is focused on working with banks and other institutions to "dramatically improve" the way money moves globally.
In a nutshell, XRP is a crypto-token and transaction model rolled into one. Unlike Bitcoin which was created as a form of decentralized currency with no clear goal, Ripple's token was created to be the go-to cryptocurrency for banks and global money transfers.
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"Ripple has really been very proactive in working with financial institutions, working with the banks, with the payment providers," Garlinghouse told Fox News. "We are working with three out of the five largest in the world. We will publicly make those announcements with those customers when they are ready.
But Ripple's hopes of taking the top spot in the world of cryptocurrency might be dashed by another up and comer in the form of Ethereum. XRP's price fell roughly 25 percent Monday to $2.50 leading to a broader sell-off in the cryptomarket.
Ethereum managed to come out ahead in this latest round of sell off with prices rising slightly by 2.5 percent to $1,155. This lifted Ethereum's value to $111.9 billion, according to data firm CoinMarketCap, just under half of Bitcoin's $255.1 billion market cap.
While both Ripple and Ethereum might have big aspirations for their respective crypto-tokens, there's no denying that Bitcoin is still king of the hill thanks to its pioneer status and name recognition. But as the cryptocurrency's lifecycle enters a new stage, it's very likely that a new contender will take to the stage.
