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How Does the Future of Litecoin and Ripple Look Amidst Cryptocurrency Turmoil?
Since the invention of Bitcoin in 2009, the popularity of cryptocurrencies or digital currencies has been increasing rapidly. The cryptocurrency market that initiated with only one currency now has nearly 1800 different cryptocurrencies with different slugs and distinctive features, traded by millions of investors across the globe.
After Bitcoin was invented, various other currencies were introduced in order to make considerable improvements. These other coins are collectively known as Altcoins. Amongst a large number of such coins available in the market at the moment, Litecoin and Ripple stand out in terms of popularity and circulation due to the advantages and ingenious features they offer. Ripple offers an instantaneous transaction facility at a negligible cost and holds the third position behind Bitcoin and Ethereum on Coinmarketcap. On the other hand, Litecoin is a peer-to-peer cryptocurrency that was developed to make significant upgrades in terms of transaction speed, and other issues over Bitcoin.
Despite the differences, the volatility in Bitcoin’s price and the overall nature of the market affects these two currencies as well. If the recent events are taken into account, the turmoil in individual price and overall market capitalization is quite conspicuous. Under such circumstances, it is of the utmost importance to know the probable causes behind the dent of a certain coin and its probable future. Here, a few of such causes would be analyzed below along with depicting a probable future of both these digital currencies.
Recent Pivotal Events That Affected the Market:
Since this year began, there has been a cornucopia of various events that affected Bitcoin and consequently other cryptocurrencies as well. Some of these incidents are:
a. The Coincheck Hack: Coincheck is one of the most reputed cryptocurrency exchanges at the moment that is used by a significant number of cryptocurrency holders. On January 26th of this year, an unknown hacker successfully hacked nearly $533 worth digital coins (predominantly NEM). This incident made a devastating effect on the entire market where the prices of several currencies like Bitcoin, Ripple, Ethereum etc. Despite being one of the most stable currencies, Ripple’s price experienced a fall of 12% in its price against dollars.
Since it was the biggest heist in the history of cryptocurrency, the cryptographic security system of several cryptocurrency exchanges like Huobi Pro has been enhanced and upgraded to preclude such occurrences.
b. Recent Bans: There have been two significant events this year so far that concerns banning of cryptocurrency ads in two different platforms. The first one was by the renowned social networking site Facebook. On 30th January 2018, Facebook banned all kinds of advertisements regarding cryptocurrency, binary options, and ICOs (Initial Coin Offerings) in order to prevent their clients from deception and scams.
Very recently, on March 14th, Google also followed Facebook and banned all cryptocurrency ads as well. If the most popular websites like these two continue to ban all cryptocurrencies because of scam issues, several digital currencies would be susceptible to massive dents including relatively secure coins like Litecoin and Ripple.
c. Cryptojacking: Cryptojacking is another major threat and one of the main reasons behind the volatility of this market. Very recently, the official Twitter account of Verge (XVG) was the victim of this incident where the hackers demanded coins from the Twitter account holders.
d. Other Incidents: On February 1 of this year, Ripple crashed on Coinmarketcap and remained that way over 24 hours due to a comment made by the Indian Finance Minister Arun Jaitley regarding the legality of trading and using cryptocurrencies. This incident also caused a significant upheaval in the cryptocurrency market affecting myriads of traders across the globe.
Current Market Scenario for Ripple and Litecoin:
Ripple:
With a market capitalization of nearly 26 billion dollars (on 19th March 2018), Ripple’s XRP currently holds the third position on Coinmarketcap.
Litecoin:
Litecoin also holds a pretty decent position (5th in terms of market capitalization) on Coinmarketcap with a market cap of 8.5 billion dollars and an individual price of $153.98 (as per the data of 19th March 2018).
Future Speculation:
Considering the major market debacles which occurred in the past few months of the current year, one might deem the future of all existing cryptocurrencies to be quite bleak. But this factor cannot be ignored that both Ripple and Litecoin have managed to hold their own throughout these disastrous events and come out mostly unscathed. This shows the stability of these two coins amongst the unrest in other currencies. Although it is nearly impossible to pinpoint the future of a certain cryptocurrency, Litecoin and Ripple are likely to stand above others in future as well, despite significant market-altering events.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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