How is it that one property can remove another with the most value from its throne and then take its place?
Because the top slot can take many forms, there is no one answer.
The most common of these is known as market capitalization and is most often used when discussing stocks.
However, there are several additional types of quantifiers.
When it comes to trading volume, Bitcoin (CRYPTO: BTC), the most popular cryptocurrency on the market, has overtaken many other cryptocurrencies in recent months.
When it comes to total market capitalization, however, the only cryptocurrency that has serious potential to overtake bitcoin is Ethereum.
Due to the secondary markets and investment assets associated with it, it may be slightly more well-known and well-recognized than cryptocurrency.
This is due to the fact that these markets and assets are linked to it (such as NFTs).
It would be difficult, to say the least, for any other cryptocurrency, such as Ripple (CRYPTO: XRP), to replace bitcoin as the dominant digital currency.
Bitcoin VS Ripple.
There are several major differences between Bitcoin and Ripple.
Ripple was designed as a payment settlement system, but bitcoin is the only cryptocurrency to feature its own blockchain.
For this reason alone, it can be considered a major competitor to bitcoin, as it is more likely to be accepted by established banking and financial systems than bitcoin (which is still primarily revered as an investment asset).
However, Ripple does not live up to expectations as a true cryptocurrency.
Bitcoin presents a better chance than Ripple to replace fiat currency as a method of payment for goods and services at the moment.
Ripple uses a consensus mechanism, whereas Bitcoin relies on a proof-of-work system to validate transactions, which is the primary difference between the two in terms of their underlying technical basis.
Could Ripple Be The Next Bitcoin?
Despite the differences, many of which work in favor of Ripple, the chances of it becoming the next bitcoin are slim for a number of reasons.
Ripple is now the seventh-largest cryptocurrency when measured by market capitalization, however, the market cap of bitcoin is approximately 23 times that of Ripple.
Therefore, the lesser-known cryptocurrency has little chance of dethroning bitcoin as the leading cryptocurrency.
If the price of bitcoin reaches four digits instead of the current five, it is likely that this will no longer be possible.
The same is true for the cost of the commodity.
Unlike bitcoin, which reached over US$67,500 per unit, Ripple never managed to break the US$4 per unit barrier during its peak.
Ripple’s potential for future expansion is a factor that differentiates it from bitcoin as an attractive investment option in the cryptocurrency market.
Even if we take only Ripple’s ability to regain its previous peak as a comparison standard, Ripple still trails Bitcoin by a significant margin.
The largest cryptocurrency is currently trading at a discount of 43% relative to its all-time high.
Ripple, on the other hand, could increase the value of your investment by 2.5x when it peaks in 2021, and if it reaches its all-time high peak in 2017, it could increase the value of your money investment by almost 5x.
For bitcoin to reach that milestone, there are a number of assumptions and obstacles to be broken along the way.
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