This Thanksgiving if you must suggest a cryptocurrency to your someone, make sure you name Ripple. Similar conversations happened last year and many advised Bitcoin and we can’t be sure whether they still are meeting over Thanksgiving dinner this year.
On the other hand, Ripple’s XRP, with the second largest coin market capitalization, is the most disruptive crypto company in the financial technology industry and about to step into banking now. Bank of America wants to capitalize on the potential of blockchain and wants to create a mobile app which helps the customer to transact without being asked for authentication repeatedly. Ripple supports more than 100 financial institutions which may appeal to Bank of America as is envisioned by many.
Unfortunately, Bitcoin dipped and those who invested in $1000 during Thanksgiving week last year have lost 45% and are left with $450, and those after a week, about 55%. And it gets worse for those who waited till Christmas, are left with only $763.
Bitcoin was at $10,000 last November and an amazing $20,000 in the middle of December as per CoinMarketCap. But today it has dropped below $4,300.
Last year Bitcoin was described as digital gold and, the BX3 Capital’s partner and co-founder of the crypto advisory firm, Kyle Asman, was using it for online gambling. Bitcoin went up due to fear of missing out and people began investing in it. Then the ICO, Initial Coin Offering, came in which managed to gather billions from an investor, and many were frauds and others had to settle with the US regulators as they had not registered them as securities, as published on CNBC.
Bitcoin was tough to buy due to heavy coding. When Coinbase exchange came out thigs looked up. At one point it was valued at $8 billion and more than 50,000 customers were signing in, as note by CEO Brian Armstrong. The rapid rise also happened with the introduction of Bitcoin Futures market.
But this year it is a contrasting story. Ripple that has usurped the market from nowhere, has a success story in financial services and seems to have attracted the attention of Bank of America who wants banking to be a more pleasurable experience for its customers, as published by Ethereum World News. So if you must at all advice, Ripple cryptocurrency it is this year.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]