Bloomberg Wealth has released a list of other cryptocurrencies that are doing very well price wise. In their list was Ethereum, Litecoin, and XRP amongst others like Polkadot, ChainLink and Cardano.
The announcement noted that XRP had doubled its price since Nov 17th and just last week, customers were buying much more amount of XRP even up to three times the amount of Bitcoin, they did this using the eToro trading platform. The article suggested that investors could go for far lesser priced cryptocurrencies like Tron, Cosmos and Litecoin since its reward ratio seems better and in comparison to the price of Bitcoin.
While many of these cryptocurrencies soared right alongside Bitcoin in 2017, so, too, did they nosedive when Bitcoin collapsed in 2018 and became mired in a period known as crypto winter. Now they appear to be following the same pattern once again.
TOP Crypto To Look out For This Bull Run
George McDonaugh, the chief executive officer of KR1 Plc, a publicly traded digital asset investment firm based in the Isle of Man, stated that it is imperative that investors start looking this altcoins once again since it seems to be following the same pattern and we could see a repeat of 2017 bull market once again.
“The crypto market is divided between companies on the path of innovation and those that just become pools of capital,” McDonaugh said. “If you’re trying to play the alt market and understand how you can turn 5 cents into $5 then you have to unlock a new area on the map. That takes research.”
Here is what the official news reported
Ethereum
With a market capitalization of $70 billion, Ethereum is only a fifth the size of Bitcoin. Yet it’s considered the most revolutionary variation of the technology that allows users to safely send assets around the world and record the transactions on an unchangeable digital ledger called the blockchain.
Unlike Bitcoin, which is designed to be a new form of universal money, Ethereum lets people create computer applications inside its system. And Ether, the digital token in the setup, isn’t supposed to be a new currency used to buy things. It’s just a piece of software that makes the whole system work. Users can set up so-called “smart contracts” on Ethereum that automatically issue payments and share data at pre-set times as certain terms are met.
Still, Ether is traded like a security. And lately investors have been getting excited about its future. In August, JPMorgan Chase & Co. invested in a company called ConsenSys that backs startups building applications that would run on Ethereum. Amazon.com Inc.’s cloud computing division is developing a service that will tap Ethereum to let customers execute financial transactions without the need for middlemen.
This month, Ethereum plans to start a major upgrade that is designed to improve its scalability and security.
Ethereum Outpaces Bitcoin
Some alt-coins are beating the No. 1 cryptocurrency
Ripple (XRP)
Perhaps no major cryptocurrency has spurred as much debate as XRP, a digital token controlled by a San Francisco company called Ripple. Several years ago, the firm set out to upend the global cross-border payment industry by replacing the clunky, old system for transferring cash with a Bitcoin-inspired solution.
But the banking industry wasn’t about to let an upstart disrupt a multi-trillion dollar network that’s vital to their corporate clients. So Swift, the Brussels-based cooperative of 11,000 financial institutions that directs the international flow of cash, rolled out its own upgrade in 2017. Shunning blockchain technology, Swift’s system uses traditional software to make cross-border payments easier and faster and thousands of banks have adopted it in a setback to Ripple’s ambitions.
As a result, skeptics say XRP lacks the usefulness of Bitcoin or Ethereum. XRP isn’t used by anyone except Ripple, and even there it hasn’t been adopted as broadly as the company would like. Some luminaries in the crypto world give it a wide berth. Billionaire twins Tyler and Cameron Winklevoss have yet to permit traders to buy and sell XRP on their crypto exchange Gemini. Critics such as Ryan Selkis, the CEO of an influential New York crypto software firm called Messari, have faulted Ripple for not being more transparent on how it manages and sells its own supply of XRP.
But that hasn’t stopped the XRP army, as its supporters are known, from speculating in the third-biggest cryptocurrency. Juiced by XRP’s 355% jump this year, they’ve flooded YouTube with exuberant predictions. “$20 price when this trend finishes!” says the headline on one of many such videos. XRP was trading at 63 cents on Thursday.
Litecoin and the new breed
The other stalwart popular with investors is Litecoin, a digital currency that was introduced in 2011 as a leaner, more efficient version of Bitcoin. Litecoin can process transactions faster than Bitcoin. Many buyers often pick up Litecoins — they were going for $91 Thursday — in tandem with Bitcoin and Ethereum, and it is one of the six bellwethers that comprise the Bloomberg Galaxy Crypto Index.
Yet a new generation of digital assets moving up the league table are more influenced by Ethereum’s design than Bitcoin’s. Three of the standouts are Chainlink, Cardano, and Polkadot. The latter has been attracting institutional investors because it was created by Gavin Wood, the British technologist who helped develop Ethereum with Vitalik Buterin. Polkadot enables application developers to create their own blockchains. Then, like highways joining cities, it links them with other blockchains in one mammoth network, says KR1's McDonaugh.
He made Polkadot his No. 1 investment, and Dan Morehead, the founder of crypto investing pioneer Pantera Capital in California, believes it has the potential to challenge Ethereum’s position. Polkadot, which is now ranked ninth on CoinMarketCap’s roster of currencies, is up about 85% since it started trading in August.
The longer the crypto rally goes on, the more new investors will look beyond Bitcoin for potential jackpots. That’s what Richard Edge, a 53-year-old British handyman and landscaper, did. After landing a windfall, he used eToro in August to invest 50,000 pounds ($67,220) in crypto. He put half in Bitcoin and the rest in Ethereum, XRP, and a few others.
No comments: