Cryptocurrency prices have continued their slide over the past seven days – but their values may soon smooth out regardless of how Bitcoin performs, according to one expert.
Bitcoin has taken digital coins on an inexorable slide since the end of 2017, losing another $3 billion for investors and traders in the past seven days.
XRP Ripple CEO Brad Garlinghouse is obviously fed up that the fortunes of his altcoin rise and fall with those of Bitcoin.
Although he does not deny the price of XRP Ripple seems tethered to Bitcoin, he argues the day of dependency on Bitcoin will soon end.
Except for minor blips, over the past year, the digital currency sector has followed the surge then drop in value of Bitcoin.
Correction coming in the market
“There’s a very high correlation between the price of Ripple and the price of bitcoin, but ultimately these are independent open-sourced technologies,” said Garlinghouse in a media interview. “It’s early, over time you’ll see a more rational market and behaviours that reflect that.
“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.
“There’s going to be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out,”
“Regulators are getting involved as they should because there have been frauds committed. We have been an advocate of yes the government should get involved, the government should be protecting investors and companies but there’s also examples of real utility.”
Here are the latest trading prices from cryptocurrency tracker cryptocompare.com.
|A week ago||$7,572.40||$590.41||$123.75||$0.62||$343.27|
|One month ago||$9,135.72||$677.09||$149.20||$0.84||$475.47|
|Three months ago||$11,465.36||$855.65||$210.29||$0.89||$613.87|
|A year ago||$2,412.65||$220.07||$27.55||$0.33||$133.53|
|High in year||$19,345.49||$1,385.02||$357.51||$2.78||$1,433.41|
|Low in year||$1,975.08||$155.42||$27.55||$0.15||$133.53|
|Market cap this week (billions)||$126.55||$57.19||$6.69||$23.38||$2.46|
|Market cap last week (billions)||$129.60||$58.84||$7.02||$24.07||$2.78|
|Market cap change in week (billions)||-$3.05||-$1.65||-$0.33||-$0.69||-$0.32|