If you will look at cryptocurrencies recently, you will notice that there are some winners and losers among top cryptocurrencies today. Ripple was able to spike up and even take Ethereum’s place in terms of top cryptocurrencies based on market capitalization.
It is believed that it is due to people’s anticipation regarding the xRapid, which is a product that could potentially make cross-border transactions so much easier. It is also true that Ripple has partnered with different institutions including Western Union and other banks.
This time around, Stellar (XLM) and Cardano (ADA) were doing exceptionally well in the last 24 hours. Both cryptocurrencies were able to record 19% and 8% spike in their value. At its peak, Stellar was even able to increase by 25% achieving $0.297. In the past two days, Stellar was able to climb up from $0.21 to $0.297. That is more than 38% in the last two days.
Optimistic Technical Indicators
Weiss Ratings were able to come up with a prediction during the time when the market was bearish last week. It predicted that there is a possibility that some coins are going to increase by 10 times. Weiss Rating mentioned in its tweet that “If you believe #crypto market will return to its former glory, the benchmark for a 10x gain, is a 90% retracement. As of today, here are a few of top-25 coins that are at or above a 90% pullback: IOTA=90%, NEO=91%, XRP=93%, ADA=96%. These are absolute steals right now!”
And it seems that many are looking into these numbers seriously. Cardano was able to get 12.49% in just a matter of 24 hours.
Justin Sun postulated that the recent bullish market on XRP was due to the PNC bank that recognized Ripple’s protocol. He also added that there is a possibility that it is a sign that financial institutions are now embracing blockchain. He mentioned that:
“XRP surge shows PNC Bank’s recognition of the Ripple protocol. With Bill Clinton keynoting Swell 2018, blockchain is going mainstream! As Ripple’s Greater China Chief Rep from 2014-16 and a Ripple shareholder, I’m confident financial institutions will adopt blockchain. #TRON $TRX”
Cardano Improving Bitcoin and Ethereum
Cardano has identified scalability, sustainability, and interoperability as the main problems that leading cryptocurrencies such as Bitcoin and Ethereum made. Cardano comes up with its own layer of architecture that helps the cryptocurrency to standout in terms of security and safety when it comes to smart contracts. It has divided things into layers which makes it possible to heighten the security.
In addition to this, Cardano unveiled Marlowe which is known as a domain specific language. Marlowe was modeled as algebraic type in Haskell.
Is Weiss Ratings correct by predicting that there will be growth in the coming weeks or months? If you are going to ask someone like Vitalik Buterin, he believes that the days wherein cryptocurrencies experience bull runs is no longer going to happen. Will Ethereum come back and be able to regain its position? Also, it is worth mentioning that Bitcoin has remained dominant in the crypto market. There was even a time a couple of days ago when Bitcoin had 55% control of the entire crypto market.