Ripple drops to new bear market lows against Bitcoin | Source: XRPBTC on bitmoneylab.de Bitcoin’s latest rally has caused altcoins to bleed out across the board, with XRP taking some of the worst of it. Ethereum and other top altcoins have recovered against Bitcoin throughout the year, while Ripple sets low after low. 14 hours ago · Following yesterday’s massacre, the cryptocurrency market has begun its Christmas recovery session. Bitcoin is getting towards $24,, currently trading less than $ from a new all-time high, while most altcoins have bounced off hard with impressive double-digit increases. Bitcoin . While the idea behind the Ripple payment platform was first voiced in by Ryan Fugger, it wasn’t until Jed McCaleb and Chris Larson took over the project in that Ripple began to be built (at the time, it was also called OpenCoin).
Bitcoin market rippleBitcoin, THETA & Ripple - American Wrap: 12/16/ | Benzinga
The best guess I can offer is the continued push toward cashless and digital payments. The COVID pandemic has made consumers question their payment choices, with cash viewed as a potential harbinger of germs.
As millennials and Generation Z have aged, they've grown into a larger percentage of the consumer pool. They've been far more willing than Gen Xers or boomers to embrace digital payment options. Investors are also likely excited about the real-world applications for certain cryptocurrencies and their underlying blockchain technology. Blockchain is the digital and decentralized ledger responsible for recording all transactions without the assistance of a third-party provider.
The expectation is that blockchain can improve security via its decentralization, as well as expedite the settlement of transactions -- especially international payments. Individual stories are at play, too.
Bitcoin has become the go-to intermediary on crypto trading platforms for virtually all activity. If investors want to buy tokens of anything other than a major cryptocurrency, they're going to first have to purchase bitcoin for exchange purposes. In October, PayPal announced that it would be launching a new service that'll allow its customers to buy, sell, and hold cryptocurrency directly in their PayPal account.
Meanwhile, Square has seen its revenue skyrocket due to bitcoin exchange on peer-to-peer payment platform Cash App. Cryptocurrency stocks have been skyrocketing right along with digital tokens.
Another example is Ethereum's smart contracts , which are built into its blockchain. These smart contracts help verify transactions and enforce contract negotiations. As an example, products for a business could be automatically reordered once total sales reach a certain level, if multiple parties agree. These smart contracts could completely revamp supply chain management.
For millennial and novice investors, cryptocurrencies like bitcoin, Ethereum, and Ripple are like a dream come true. But we've seen digital tokens go vertical a few times before, and it hasn't ended well for crypto investors.
The way I see it, crypto investors are fighting an uphill battle against three very real problems. First, at least with regard to bitcoin, there's a perceived scarcity problem. Bitcoin is often viewed as a direct threat to gold as a store of value and potential stock market hedge given its "cap" of 21 million mined tokens there are currently The issue is that these circulating supply caps aren't tangible like gold. This is to say that we can only mine the amount of gold found on planet Earth.
By comparison, programming is all that keeps bitcoin's virtual cap in place. A second but far more concerning issue for bitcoin , Ethereum, and Ripple is utility. Yet as of Monday, Nov.