Ripple overtakes Ethereum
The Godfather of cryptocurrency, Bitcoin, is still the number one cryptocurrency on the market right now. Ethereum and Ripple have for a long time been fighting it out for second place, but now Ripple has overtaken Ethereum for the second time in two weeks. Ripple has increased its market cap by 100% just this past month, while Ethereum has lost 84% so far in 2018. The reason why Ripple is on such a meteoric rise is that it has successfully branded itself as the best way for financial institutions to move money across borders. Bitcoin is, as mentioned, leading with its market cap of $113 billion according to CoinMarketCap. Ripple currently holds second place with a market cap of $22.2 billion. Ethereum, however, is not far behind with its $22.2 billion market cap. Ripple has created a great system for making international transactions, but Ethereum has created the ERC20 token which is being used by the vast majority of ICOs. Will either of them eventually overtake Bitcoin?
Ethereum’s co-founder says cryptocurrency is evolution
While Ripple and Ethereum race against each other, the latter’s co-founder has given his thoughts on the future of cryptocurrency. Throughout history, societies have found ways to come up with representations of value — money. Whether pebbles, coins, paper notes, or plastic cards, cash has always been around in some form or another. Joe Lubin, the co-founder of Etherum, believes that cryptocurrency will revolutionize the economy in the same way as when paper money was introduced to Europe in the 17th century. Lubin even goes a step further and predicts that all assets eventually will be represented in crypto-format in one way or another. And it’s hard to disagree with him. More and more documents are being digitized, so creating a crypto-token for ownership of a house will be a matter of recording it on the digital ledger. More and more tech giants are also embracing blockchain technology. Finally, Starbucks will begin an experiment in November that will see the chain of coffee shops accept cryptocurrency as a payment method.
Coinbase embraces regulation
The San Francisco startup company Coinbase will soon begin listing new cryptocurrency tokens on its exchange alongside the Bitcoin listing. The exchange has been notoriously slow on that front, and have not been listing altcoins while other exchanges such as Finance have embraced the altcoin trade. The reason for this hesitation was made clear in their latest statement, where they name Bitcoin Cash, Litecoin, and Ethereum among the tokens to be listed in the future. Coinbase has aimed to be fully compliant with international regulations, and have thus dodged many of the scandals suffered by other exchanges. The exchange will begin to slowly introduce new altcoins on its exchange as they become compliant with regulations in countries like the UK. Coinbase retains the number one spot for trading volume when it comes to Bitcoin trades. The question is if it will rise even further above its competitors as it begins listing popular altcoins like Ether and Ripple.