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On the road to create the perfect cryptocurrency that records the highest adoption rates, some players have gone off track from its foundational “transparent” upbringing. This was duly noted by many in the cryptocurrency community and proven by a graph representing cryptos’ liquid market cap.
Source: Messari
Owing to Binance’s efforts to promote its in-house token, BNB led the chart in terms of year-to-date performance, witnessing a 380% hike in liquid market capitalization. Bitcoin and Litecoin, given their wide-scale acceptability, have been able to build on last year’s performance. While the aforementioned information hints at growing investor sentiment, the chart shows that 2017’s top-performing altcoin, XRP, recorded a drop of 11% in the same reading.
Pointing this out to the vigilant crypto community, a Research Analyst at Messari Crypto, @fmoulin7, tweeted,
“Is the market becoming more rational & demanding regarding transparent monetary policies? $XRP & $XLM have the lowest (circulating supply / outstanding supply) ratio from the top 10 and are the worst performing assets YTD. Could also be the potential competition from Libra.”
According to the Twitter user, questions over Facebook and the possible centralization of Libra are the same faced by XRP. A growing call for transparency from Facebook’s Libra has thus, bled to the XRP ecosystem as well, affecting its price in the market.
While XRP had marked its position in the cryptospace by enabling seamless cross-border payments, its recent fall can be attributed to the community’s dislike towards the involvement of banking authorities in the mix. Ripple’s many partnerships and collaborations have not translated well and borne fruit for its token, XRP.
Additionally, Facebook’s Libra can also be attributed to be behind XRP’s steady fall in valuation over the past few days, as the “XRP-killer” promises similar financial infrastructure in addition to its unparalleled user-base across the globe. While U.S. regulations threaten Libra’s future in the cryptospace, BNB and XRP’s inverse trajectory has started raising many eyebrows in the community. This leaves the crypto-community with a compelling question – Is this the beginning of a new era?