Ripple Now Red For 2018 As Crypto-World Rotates Into Ethereum
Content adapted from this Zerohedge.com article : Source
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Well that de-escalated quickly...
Having soared over 50% in the first few days of 2018, Ripple is now down 2% for the year as the entire cryto-space appears to be rotating into Ethereum.
At the start of the year we suggested...
XRP wave moving to ETH
— zerohedge (@zerohedge) January 2, 2018
And now, up almost 75% for the year, ETH topped $1300 ($1301 record high) for the first time today...
Additionally, Ethereum has regained its place behind Bitcoin as the second-biggest cryptocurrency by market capitalization.
As CoinTelegraph's Gareth Jenkinson details,Ethereum's flagship smart contract system sets it apart from Bitcoin and has led to it becoming the leading platform for ICOs, allowing developers to use the underlying code for their own applications - commonly known as decentralized applications (dapp).
This is in essence Ethereum's raison d'étre, providing a monetized Blockchain solution for developers to create applications as described by Investopedia.
Speaking to CNBC this week, Ethereum advisor Steven Nerayoff says the open-source functionality of Ethereum's protocol could well lead to mass adoption for a wide variety of Blockchain applications.
"You're seeing a tremendous amount of growth across a wide variety of industries. Fintech is actually the natural area, but now you're seeing it becoming increasingly more creative — you find projects in the oil and gas industry, you're finding government using it in their applications, you're seeing it in gaming, all kinds of different areas."
The success of CryptoKitties is a prime example of how developers can use the Ethereum software to create innovative applications. The popular online game was so successful that it placed a massive strain on the Ethereum network in 2017 as it became the biggest dapp.
Inevitably, the increasing use of Ethereum will see it's price soar, according to Nerayoff.
"What you're seeing with Ethereum is an exponential increase in the number of projects. There are billions of dollars being poured into the ecosystem right now, maybe 10 times more projects this year than last year, which could easily lead to a doubling, probably a tripling in price by the end of the year."
And as money pours into Ethereum, it is rotating out of many of the other major cryptos, which we pointed out earlier, some have suggested the broad selling in Bitcoin (and LTC and XRP) is driven by comments from early Bitcoin investor and well-known venture capitalist Fred Wilson. As CoinTelegraph reports, Wilson insists that investors with a large amount of Bitcoin would be wise to practice profit taking, as reported by CNBC this week.
"If you are sitting on 20x, 50x, 100x your money on a crypto investment, it would not be a mistake to sell 10 percent, 20 percent or even 30 percent of your position. Selling 25 percent of your position on an investment that is up 50x is booking a 12.5x on the entire investment while allowing you to keep 75 percent of it going. I know that many crypto holders think that selling anything is a mistake. And it might be. Or it might not be. You just don't know."
Wilson posted the advice on his personal blog, in a post grappling with the difficulties of managing a venture capitalist portfolio.
It´s likely that some people are cashing out some of their profits due to the words of Wilson. But honestly, I believe they´ll sooner or later take all that money to throw it back into cryptos whenever the rise continuous :)
Regarding ETH I see a small correction coming already, latest whenever BTC is ready for another move upwards which LTC will most likely follow a bit again. One day soon Ripple might just rise as well again as it just experienced too much exposure these days to just get lost on the way.
Ripple still has plenty of room to grow. So does the LTC. What I don't know is when :)
That is the question.
Willson word led to a panic sale and most is done by crypto newbies who are in for a quick cash but not the crypto welfare. dont count ripple out yet as many banks join in the blockchain it will rise again like phoenix from the ashes
I agree @steembusiness.
This is just some fear based profit taking. The entire crypto market is up a great deal since the first of the year...this is akin to the move just before Christmas which saw a pullback that lasted a couple weeks.
As for ETH, I can see it having another big year..It isnt a large part of my holdings but I do have a few token.
ETH will have a better year than BTC I think.
Personally, I don't see XRP going away. It's already correcting this morning. To much investment in the mainstream. However, because of that, it is also volatile to mainstream newschannels which often use scare tactics talking about rise/fall of cryptos in general lol!
ETH is blowing me away! I traded mine in for EOS token in the token sale already, otherwise, wow, what growth ~~~
I am so happy ripple is tanking. I thought we were moving towards the the "Bankers won again" world. I would sell some bitcoin to buy ethereum and EOS if the transaction fees would come down a bit. Maybe its for the best that I am "locked in" forced HODL ; )
I am mystified that you consider BTC fees being so high you cannot sell to be beneficial.
0_o
My problem is that the very high transaction fees make my small withdrawals very very costly. I cant take out $100 when the transaction fees are $50. I wouldn't be as bad if I was doing large transactions
And this does not obviate the utility of the currency for you? I find that more mystifying yet!
I don't see it as an investment in a currency. I see it as a speculation on human behavior.
Here's my logic
So for those reasons I keep some "skin in the game" it isn't my biggest crypto holding Steem is. What's your favorite crypto?
Steem is the only crypto I have any of.
Both currencies are strong and I am saying that Eth will remain the leader for me that it has the power of XRP
New servers.
With Ethereum, servers and clauds are replaced by thousands of so-called "nodes-nodes," or "peers" run by volunteers from around the world (thus creating a "decentralized, democratic global computer").
The vision is that Etherium will make maintenance, documentation, security and data preservation in the hands of the people (metals - in the terms of the plocchin) with their computers from anywhere in the world and enable them to compete to provide services at the top of Etherium's technological structure.
What matters is that I consider it stronger.
@zer0hedge
But rippel has come very strongly. I have seen where it has been in the past months and the last world is in very rapid progress
ripple coming strongly and I see that Eth will not stop it
It is a strong currency and has a brilliant future, especially its speed in remittances
Erippl is a fully functional company, as well as one of the oldest in the field of digital currency. It continues to build important banking partnerships, but at least has a service to offer. What about its digital currency XRP Central, do you have any goal? Where Riple claims to have signed agreements with more than 100 banks, but the problem is that none of these banks seem to be using xrp currency in remittances. The New York Times quoted Blocktower as saying:
"I'm not sure that banks that use or plan to use xrp currency in tens of billions of dollars will support the currency valuation."
Only one Mexican financial firm has committed to using xrp so far. However, the xrp currency affected its initial support as all the digital currencies in this list. For investors who profitably profit from it, this is a sufficient reason for their existence. To be fair to currencies such as Tron and Cardano, any new digital currency is placed in the list of malware within the top 10 currencies until proven otherwise.
Thank you very much. I wish you an excellent and full day. @zer0hedge
Cryptokitties for the win! Hehe. On a more serious note Ethereum does look like the most useful blockchain (besides Steemit obviously) The constant ico's = constant buying pressure and I would not be surprised to see Ethereum in top spot one day.
PS - I wonder what that Crypokitty that someone spent $100 000 on is worth now, anyone know?
I am not a fan of Ripple....it is a centralized database dressed up as something different. Sure they could block the transactions but it is still controlled. To me, that isnt a blockchain...part of the revolutionary aspect of STEEM (and other ones) is that it is decentralized, nobody can control.
Maybe Ripple will be a bridge to the day of decentralization...who knows.
Nevertheless, this is no reason to start mass selling crypto in my view....just another pullback that is so common in this industry.
Steem is highly centralized, because witness votes are stake-weighted. All control of the Steem blockchain is right there, in the purple column, which is the stake held by 38 whales.
@zer0hedge..bro actually ripple coin is operated by a some of the centerlised bank..its not a complete crypto ..comming to the present positiin of the ripple just 2 days back etherium crosses the ripple postion and also the cost of the ripple fall down to the half of the price ..actually its a very bad to here for the ripple holders if the ethurium mixes wirh the ripple the price of that also get down so present situation the ethurium holders get some lose due to this decision so that may be in my view of expressions its not possible and not correct ..i think..the ethurium present in profit cinditiins and growing high from last 2 days and occupies the second position in the coins chart so that if both are invest at one ..proffits get one and one lose so its tottaly balnce and ethurium holders get some less in profit....
I don't hold eth or btc but I don't see either one going anywhere. Not for a while anyway.
Sadly I don't think ripple will die either. Too much mainstream financial money is tied up in it.
I tend to favor graphene based coins myself, I'm a big believer in Dan's work. That being said though, there will always be more than one crypto just like there is more than one isp.
I'm not a btc believer and I just don't think eth scales very well but they aren't going anywhere, nor is ripple. No amount of FUD will take the big coins down as long as they have a large core following.
Keep Steeming!
I think the case is most of the early investors are dumping their WHOLE position at 5x 10x and then when it makes 100x , they feel pretty bad about it.
This is very reasonable. Bookmarked this link - Thank you
The wise move is aimed at a long-term perspective and a large-scale conquest of the market.