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Market Outlook: Can Ethereum Ever Replace Bitcoin?

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Market Outlook: Can Ethereum Ever Replace Bitcoin?

For the past months now, the struggle between Bitcoin and Ethereum has been the main issue on the crypto ecosystem as far as Cryptocurrency is a concern.

Now that Bitcoin and Ethereum are more volatile even as their price plummet with a percentage of 25% and 45% since their recent ATHs.

Bitcoin and Ethereum are two Cryptocurrency with different potentials, mission, and vision; therefore, it is advisable to understand their differences to get a clear idea if bitcoin can be replaced by Ethereum even if bitcoin plummets in Value.

Well, for now, I don’t expect Ethereum to be a potential challenger to replace Bitcoin.

Bitcoin itself is a clear, pure and powerful Cryptocurrency. It is a currency which is not owned or controlled by a group of individual or a country and is open to the public.

Bitcoin has the largest protocol in all levels. Currently, there are over 200 developers contributing to bitcoin which makes it the favorite of all Cryptocurrency with the largest market capitalization. In view of this, it will only take a miracle for Ethereum to replace it even if it plunges.

Even though bitcoin and Ethereum are very volatile, both coins always seem to still survive the volatile phase. Bitcoin has survived for 9 long years of attempted government regulations, bad press, a shit ton of ICO tokens and other constant attacks. Bitcoin still remains the most decentralized and purest Cryptocurrency till date.

Bitcoin has the largest utility tokens compared to Ethereum, That is, it has the highest token used within Cryptocurrency platforms as a payment method. In view of this, just a few Cryptocurrencies are listed as a utility token in an area of Cryptocurrency exchange and not all crypto wallet have Ethereum exchange compared to Bitcoin. This makes Bitcoin a major universal Cryptocurrency.

The idea of a utility token is to give Cryptocurrency users the chance to transact on the platform by using Cryptocurrency instead of traditional money or physical cash.

Bitcoin has a lower coin supply and is more usable than Ethereum, though Ethereum has better-advanced technology and more applications than Bitcoin.

There are speculations that bitcoin will one day fall and be replaced by Ethereum.

ETH may be similar to bitcoin, it doesn’t mean it is better and can replace Bitcoin even if it nosedives. Like I said, Bitcoin is original, pure and the mother of all Cryptocurrencies and cannot be replaced by Ethereum or any other coin.

Cryptocurrency

Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.

A Possible Crash Below $2,000 For Bitcoin (BTC)

Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.

Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.

Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.

While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.

All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.

At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.

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Cryptocurrency

Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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