A well-known analyst and trader in the crypto industry says several of the largest and most well-known cryptocurrencies will be surpassed by a new breed of digital assets.
Michaël van de Poppe says the space is undergoing a couple of pivotal changes will trigger a major shakeup in the list of cryptocurrencies by market cap.
“I think we’re in a double-transition phase. The first one is the transition from the wild west towards a mature and regulated market surrounding bitcoin and blockchain. The second one is getting rid of overvalued top 10 coins like XRP, BCH (Bitcoin Cash) and LTC (Litecoin) to fundamentally strong ones.”
The assets’ performances over the past year have all slipped.
One year ago, XRP was the third-largest cryptocurrency by market cap with Bitcoin Cash sitting at number five and Litecoin at number six, according to CoinMarketCap. Today XRP and BCH are both down by one spot at number four and number six respectively, while Litecoin has dropped to number 10.
Meanwhile, relative newcomers Polkadot, Chainlink, Cardano and Crypto.com Coin have all entered the top 10.
Although Van de Poppe predicts XRP will lose its status as of the largest crypto assets, the coin is the only one in the top 10 that may be showing some strength in the short term, according to the crypto insights platform Santiment. The firm says XRP’s declining social volume, a metric that measures asset sentiment on social media, indicates that a possible price reversal is on the horizon for the asset.
“XRP has seen a mild +4.4% uptick the past 24 hours while crypto has been otherwise flat. This past week was a six-month low in social volume for Ripple, and address activity is nearing five-month lows. Watch for justification of a turn-around.”
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