• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: KyberSwap Hacker Demands Full Control, Sets December 10th Deadline

Ripple CEO: Bitcoin’s Dominance Over Altcoins May Soon End

Adam James by Adam James
6 years ago
in News, Altcoin News, Bitcoin, News teaser, Ripple
0

As anyone with altcoins in their portfolio knows, when the price of Bitcoin takes a hit, the rest of the cryptocurrency market gets hit harder. Likewise, when Bitcoin bounces, altcoins tend to outperform. The correlation between the market leader and its supplicants goes both ways — but Ripple CEO Brad Garlinghouse thinks that’s about to change. 


An Irrational Market

As the cryptocurrency market’s first and foremost cryptocurrency, Bitcoin determines price action for the wider altcoin market.

ripple ceo

Ripple’s Brad Garlinghouse, however, sees a separation in the future. The San Francisco-based company’s CEO told CNBC’s Power Lunch yesterday:

There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that.

Fundamental Advancements, Market Losses

Ripple itself is a real-time gross settlement system, currency exchange, and remittance network created by Garlinghouse’s company. Its native cryptocurrency coin, XRP, is a scalable digital asset, intended to enable real-time global payments anywhere in the world.

The company’s first quarter has been positively brimming with partnerships and announcements. Garlinghouse noted that Ripple has penned 20 production contracts with new firms, while MoneyGram and others are currently testing cross-border payments with XRP.

Ripple XRP Bitcoinist

Most recently, Currencies Direct Ltd — a UK-based foreign exchange broker and international payment provider — announced the successful completion of an international payment over Ripple’s xRapid platform. The transaction also used Ripple’s scalable digital asset, XRP, and represents one of the first successful trials of a cryptocurrency by a mainstream financial services organization.

However, Ripple’s success in the market has arguably not correlated to its advancements behind the scenes, and one might argue that fact is largely due to Bitcoin’s market dominance.

Ripple price chart

XRP has been one of the worst performers in the cryptocurrency market this year, losing roughly 70 percent of its value in the first quarter. At the same time, Bitcoin lost more than 50 percent of its value, while the total market capitalization for cryptocurrencies shaved off roughly the same amount.

Nevertheless, Garlinghouse anticipates a decreased correlation in price between cryptocurrencies with real utility with Bitcoin. He told CNBC:

It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases. […] There’s gonna be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out.

What do you think of the correlation between the price of Bitcoin and the altcoin market? Do you agree that said correlation will decrease with time? Let us know your thoughts in the comments below! 


Images courtesy of Shutterstock, CoinMarketCap.com, Twitter

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Related Posts

XRP

Can XRP Price Reach $50? Crypto Analyst Predicts Massive Move

5 hours ago
Ukraine

Corruption In Ukraine: Crypto Worth $1.5 Million Confiscated From Former Gov’t Official

7 hours ago
Cardano founder Small

Cardano Founder Drops Hard Truths: ‘Bitcoin Was Heavily Centralized At The Start’

14 hours ago
Bitcoin price Small

3 Reasons Why Bitcoin Price Is Trading Above $38,500

1 day ago
Circle

Circle Defies Allegations: No Illicit Financing Links And Justin Sun Ties

1 day ago
Ethereum

Ethereum Exodus: Validators Jump Ship – What’s Driving The Mass Departure?

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Wish You’d Invested in BTC and ETH Sooner? Experts Say...

    2 hours ago
  • Market Rallies Post-Holiday. Fake-Out or Are Bulls Back in...

    4 hours ago
  • The Best Altcoins to Invest in? Cardano, Polygon, and...

    24 hours ago
  • Top 3 Affordable Cryptos Worth Buying Next Week

    1 day ago
  • 3 High Growth Cryptos To Buy Now

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.