As the crypto market resumed a bullish trend, the market capitalization of the overall cryptocurrency market increased by over $250 billion in July. The Bitcoin dominance over the market was found to be over 45%. With the overall market doing well let’s switch our attention to three main competitors namely, XRP, Litecoin [LTC] andCardano [ADA], on the top ten list of crypto coins.
XRP is the third largest coin according to Coinmarketcap. Ripple is tackling woes concerning the XRP token’s confused status. Many experts allege that XRP is a security token. In an attempt to solve the dilemma and establish that XRP is not a security Ripple rebranded itself, separating the XRP token from Ripple. The move was to help Ripple step away from XRP and prod a favorable verdict from SEC. However, SEC’s decision looms large, and XRP prices are suffering amidst price dip speculations.
XRP is currently trading at $0.45 and is dipping against USD by 0.61%. Mounting seller pressure is preventing the prices to reach $0.51, the key resistance level. XRP is waiting for a favorable verdict from SEC to reach back to resume trading above the $0.51 mark.
Nicknamed as silver to Bitcoin’s gold Litecoin has disappointed investors. Trading as low as $80 yesterday LTC shot up till $89 and took a dip again. A few days before Litecoin founder Charlie Lee’s Twitter page found critics expressing disappointments on the coin’s performance. Charlie Lee calmed the investors by saying measures are being taken to bring the prices up to $400.
Litecoin prices have plummetted in the recent past. It has come down to trading below $80 from a point of $375.29. Litecoin has shown a drastic decline in 2018. Lee’s promises of $400 seem very improbable at this point. The Litepay announcement of the company, earlier this year, has also gone for a toss. Investors who applied for Litepay debit cards were disappointed as Litecoin couldn’t find anyone to issue their card as most card service providers shunned cryptocurrencies.
LTC is currently trading at $85.886 and is losing against USD by 3.94%. It is striving to reach the $90 mark and has gone over $90 once during the month.
As reported by EthereumWorldNews, Hoskinson is not the only one to believe that Cardano will be the first cryptocurrency to touch the trillion dollar mark. The Cardano community shares the same opinion. Hoskinson pointed out that Cardano users are concerned about its development, unlike other currencies, where the focus resides mostly on trading. This factor will help Cardano’s trillion dollar dream.
Coinbase is exploring Cardano, and this has increased the popularity of the coin. Coinbase, being one of the top ten exchanges, deciding to list Cardano ahead of XRP would cause a major rise in ADA’s prices. ADA is currently trading at $0.169 an is losing against USD by 1.83%. The prices are trying to reach the $0.18 mark, the key resistance level.
Clearly, Cardano has exhibited an impressive trajectory when compared to Ripple and Litecoin. Ripple and Litecoin, coins in the investor’s favorite category, has disappointed hopeful investors while Cardano has been achieving new milestones and ADA prices reflecting the growth of the company. Cardano can be considered as a better investment compared to Ripple and Litecoin for the current year.