Bitcoin (BTC)’s price has steadily dropped to finally rest below $8,000, reaching the new low after the current decline began to worry some investors. BTC currently trades at $7875 against the dollar, -5% down in the last 24 hours and the lowest it has dropped since April 18. It has come down from nearly $10k in early May when a kind of bullishness seemed to grip the market. Bitcoin’s market cap is now $134 billion, a dominance of 39%, still high due to the decline in all the major altcoins.
The dread about BTC is the same with other major cryptocurrencies like Ripple (XRP) and Litecoin (LTC). Ripple’s value is down by 8% in the last 24 hours and 10% in the last 7 days to currently trade at $0.62 against the US dollar. Litecoin has also not fared better, dropping 6% over the last 24 hours and 9% over the last 7 days to leave it trading at $124 against the USD.
The anticipated market recovery in the wake of last week’s Consensus 2018 has thus far failed to materialize. One thing is happening though: while many investors anxiously watch as prices plummet, crypto bulls have almost unanimously predicted that the market will rally again and assets like Bitcoin will record new all-time prices. That trend is replicated all over predictive studies and analyses, suggesting that there shouldn’t be any cause for worry among investors. So it appears we’ll all have to buckle in and ride the bear whirlwind till things turn around.
With that in mind, here is one real reason why you should be optimistic about Litecoin, Ripple, and Bitcoin.
Bitcoin (BTC) – Bitcoin’s staying power
Bitcoin strength may be directly attributed to its big-name status in cryptocurrency. Even though it has been subject to severe criticism from governments and individuals before, both for its slow network and huge fees, there’s one aspect that can’t be taken away; it’s here to stay.
Every other coin to some extent derives from Bitcoin and its core is about the most secure.
Other than being used for payments and as a store of value, what gives BTC its appeal is incredible support it has and its ability to recover value. That’s why companies and Wall Street institutions are investing in it. It’s the first and foremost coin predicted to survive to the end when about 90% others collapse.
So, expect Bitcoin to be around much longer, and with demand on the increase and the network set to be improved, the value will rise. That is almost a fact- when applied to Bitcoin’s technology and established global appeal.
Litecoin (LTC) – Quiet but gradual global adoption
Regardless of what other recent cryptocurrencies may have / or are doing in this space, LTC remains the one coin with the kind of appeal that can see it get accepted anywhere around the globe. What Charlie Lee set out to do mean the coin has the same global appeal as Bitcoin? If BTC becomes purely used as a store of value, then LTC will become the preferred payment currency. The traction the coin is achieving could set it up for a game-changing partnership. Right now, LTC is being accepted all over, the gradual adoption will explode, especially with its highly secure and scalable platform.
Ripple (XRP) – Its partnerships could explode value
Among the three coins in this article, the one with the hardest task is the XRP token. There has been a lot of negativity about it, especially with constant questions about its parent company Ripple and whether it’s a security or not. Remove these two and you immediately realize that the XRP ledger and its token have a real-world use. It’s the currency that has a platform that will likely transform the cross-border payments landscape.
There are so many partnerships that are all trialing and adopting the use of Ripple’s various blockchain solutions. In xRapid, XRP has a channel that can exploit its huge transaction speeds to make cross-border payments less costly and swifter. Other than that, companies seeking to exploit Ripple’s scalable platform will begin to build on it, with Interledger- the Coil project being a very good example.
Conclusion: The market may be in a sustained downward trend at the moment, but barring a total collapse, the above facts will always mean the coins will bounce back. For XRP, regulation is the biggest threat; minus that and it’s a top coin anytime.