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November was a difficult month in the world of cryptography. Despite a lively rebound last week, we saw $ 70 billion wiped out by the beginning of November.
But some cryptocurrencies have endured better than others in the last two weeks. Here are the numbers from November 14th:
XRP – down 30%
Bitcoin – down 37%
Ethereum – 45% discount
Notice how XRP hung much better than Ethereum and eventually outdid it in terms of market capitalization?
It is not the first time that Ripple's XRP token has "flippmented" ethereum, but is now the longest ever.
Here are some possible reasons for the break-in:
1. Concerns about the extraction of cryptocurrency (Yes, I'm watching you, Bitcoin Cash)
As we all know, Bitcoin Cash has terrorized the markets by dividing in two this month. The miners have entered the war, threatening to attack against each other and to hold the network hostage.
He showed a possible weakness in "extractive" cryptocurrencies because miners can exert a huge influence on the network.
It is no coincidence that the Proof-of-Work cryptocurrencies like ethereum, bitcoin and bitcoin money are more difficult than others.
XRP, which uses a consent protocol instead, has retained its best value during the crash, as well as others with a consensus network such as Stellar (XLM).
2. Utility?
With the fall in market prices, traders try to put their money into projects with the use of the real world. Ripple was the star of an awareness campaign on the title of this year, which he shouted for their high-profile partnerships with banks like Santander and American Express.
In fact, only a small handful of partners actually use XRP, but Ripple has successfully given the impression that XRP has a real utility that could have convinced people to keep their money in the token.
3. All quiet on Ethereum
While Ripple is screaming from the rooftops of XRP, the developers of Ethereum have their heads down. Ethereum has enjoyed all the attention in 2017, but now the team is working quietly on the next update, christened the Ethereum 1x, scheduled for next year.
It does not necessarily mean that activity or innovation has become extinct on Ethereum, it just means that there are fewer ads that attract titles.
4. The end of the Ico
If you wanted to invest in an ICO (initial supply of coins) last year, it was generally necessary to finance it with the ether. Now that some ICOs have lost up to 98% of their value, that excitement has vanished.
Not only is there a lack of hunger for ICO, some ICO are doing their ETH's liquidation to offset costs. As a major platform for ICO, Ethereum is enjoying more success than many other major cryptocurrencies.
What do you think?
Is XRP a permanent scrap? Will the grand upgrade of Ethereum cause a rebirth? Leave your comments below!
A version of this article appeared for the first time in our exclusive newsletter. If you'd like to analyze Block Explorer before it hits our website, subscribe now.
