Chief executive of the crypto platform Ripple Brad Garlinghouse has said that bitcoin's dominance over cryptocurrency prices might be coming to an end.
According to Garlinghouse, the current influence of bitcoin in the crypto world could change when the differences between cryptocurrencies are acknowledged by markets.
San Francisco-based payment network Ripple uses the digital token XRP as the transaction asset on its platform which is, unlike bitcoin, not blockchain-based.
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He said in an interview with CNBC: “There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It's early, over time you'll see a more rational market and behaviours that reflect that.”
Ripple is becoming increasingly popular and announced a record first quarter this year and has signed a deal with Kuwait's largest bank yesterday, keeping its place as the third biggest coin on the market.
However, for the digital currencies, the first quarter was tough as market capitalisation for cryptocurrencies fell by over 50 per cent with XRP taking the worst beating, losing 70 per cent of its value.
Garlinghouse continued: “It's still a nascent industry, the speculation in the market dominates the trading activity. I think it's a matter of time until people better understand the different use cases.”
Bitcoin's price is currently $7,537 (£5,657) which is less than half of what it was worth in December last year.
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