[Photo: Uasin Bolt crosses the finish line at a past event. Source: Reuters.com]
Things are looking thick for the coin of coins that is also known as Bitcoin (BTC). Since Bitcoin futures were offered in the stock market over a month ago (18th December), it has been a bad ride for the cryptocurrency giant that seems destined to lose its top slot to either Ripple (XRP) or Ethereum (ETH) in terms of market cap.
This is a good example of the Darwinian Theory of Natural selection where only the strongest survive. If Darwin were alive today, he’d be glad that we listened in class and applied his theories to the volatile markets of cryptocurrency trading.
Applying such a theory, the animal with the thickest coat during winter will survive. The same animal with the fastest speed will catch the prey. The animal with the highest leap and endurance will also survive the harshest weather in the Serengeti. Life in the jungle is a race; and so is the ever evolving Crypto-Verse. The coin that can withstand the greatest FUD; the coin that can prove that it exists for a purpose; the coin that can showcase greatest popularity; and the coin that can evolve with time; shall surely succeed!!
So what really happened to Bitcoin?
From where I stand, the great coin become too big for itself. Its popularity within a year caused its value to skyrocket in an attempted Moon landing that was curtailed by Wallstreet wanting in on the action. A good friend of mine once commented that ‘Wallstreet does nothing good other than look for a way to short a good stock or in this case, Bitcoin.’ He went on to predict that the Bitcoin Futures, were the beginning of the end of the good coin.
But is Bitcoin really a good coin?
Yes. Bitcoin introduced us to this madness we love called Blockchain and Cryptocurrencies. Some of us heard about Crypto from recent cult movie classics such as Dope (2015). In the movie, a high school student offloads a good chunk of drugs via the dark web, using bitcoin. I for one, was amazed at the flexibility and stealth capability of the coin. Back then, the coin was worth around $230. Can you imagine that? (And I did not buy then!)
Now, the tides are turning!
In hot pursuit are Ethereum (ETH) and my favorite coin for about 6 months now, Ripple (XRP).
One of these two coins is destined to topple Bitcoin at the top on coinmarketcap.com. The reasons for such a hostile take over have been discussed in forums and online articles but no one ever really thought they’d topple Bitcoin until the current market happenings gave us a good kick to the side of the head. The kick has rattled our thinking and we are now looking into the future for a new Coin of Coins to replace Bitcoin at the helm of the Throne.
First on the line up is Ethereum which has proven to be the coin of choice for individuals moving funds across exchanges. I know many traders who have shot Ethereum (ETH) from Coinbase to Binance just to buy Ripple (XRP) and Stellar (XLM). The same coin has also been the coin of choice for funding ICOs due to the smart contract capability it possesses. As a matter of fact, Ethereum is the King of Smart Contracts to the point where coins such as ICON (ICX) and NEO want to grow up to be just like Ether.
Ripple (XRP) on the other hand, is winning the hearts and minds of the banking industry. It has achieved some fame through its various partnerships with SBI Banking consortium; partnerships with Moneygram and Western Union; and rumors of the Bank of England test driving its money settlement software. As a trader, I like the underdog story behind Ripple.
So who will dethrone Bitcoin (BTC) from the top spot? Will it be Ethereum (ETH)? Or will it be Ripple (XRP)? Or will it be an unknown coin such as Crypterium that will come out of nowhere and finish first. Perhaps NEO will be the chosen one as alluded in the Matrix series of movies.
One thing is for sure, no coin will reach the heights Bitcoin reached during its peak when it was trading at $20,000. That is a record breaking price similar to the current 100 meter World Record time of 9.58 seconds held by the legendary Uasin Bolt.
It might take another decade before that 9.58 is beaten. It might stand to be toppled in a future age where cyborgs will be allowed to compete in the Olympics. But one thing is for sure, the top slot on coinmarketcap.com is being eyed by Ethereum (ETH) and Ripple (XRP)!
LET THE RACE BEGIN!
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