Ripple (XRP) may not be the second largest cryptocurrency after all. In the latest crypto news, we are seeing a new report from the crypto research group Messari which alleges that the altcoin‘s current market cap – is way less than the $13 billion number as estimated by CoinMarketCap.
According to the researchers, Ripple has a “significantly overstated” on the vast majority of crypto data services – and further estimate that the “real” market cap of Ripple is actually just $6.9 billion.
As the data from Messari shows, Ripple’s market cap would now make it the third-largest cryptocurrency (instead of the second) behind both Bitcoin ($62.9 billion) and Ethereum ($12.2 billion).
If you are questioning what is the reason for this discrepancy, Messari’s main argue is that the Ripple company – which is in a close link and owns the majority of XRP – does not actually provide accurate market information through its API.
More specifically, the researchers claim that in addition to the 59 billion XRP that the company (Ripple) owns – most of which is held in escrow and some of which is available for restricted sales – the company has distributed billions of XRP to people or organizations who have agreed to contractual restrictions on selling them.
The report shows:
“Combined, this means 19.2 billion of the 41.0 billion XRP currently quotes as “in circulation” may be illiquid or subject to significant selling restrictions. In reality, this estimate may prove to be conservative, as they belie XRP trading volumes which have consistently fallen well below that of EOS and Litecoin, two crypto assets whose current referenced market caps are a mere 17% and 15% of XRP’s, respectively. In addition, we believe the actual amount of “restricted” XRP in distributions to investors, banking partners, and team member may be significantly higher than our initial estimates reflect.”
If XRP slice of the pie is larger than it should be, its shareholders are not purchasing quite what they think they are when investing in the funds – and their returns won’t accurately track the underlying crypto economy accordingly.
However, this might only be a theory from Massari research and it is yet to be proven by Ripple (XRP).
Privacy Cryptocurrency Monero (XMR) Celebrates Its 5th Birthday
“Monero is very committed to its decentralized, grassroots structure meaning we took no premine. We don’t take a percentage of the block rewards. There was no [initial coin offering]."He also estimated that there is anywhere from 100 to 200 volunteers working on the Monero XMR project, a number which is mostly “depending on people’s time and availability." The project itself, according to Salazar, is not just about building a blockchain protocol. As featured on many altcoin news sites, it is also about redefining and boosting a global movement that will be centered around digital privacy.
“We’re not just trying to make global internet money. We’re trying to teach people the importance of things like privacy…It’s a very powerful tool and I think it’s a very necessary tool in our day and age,” Salazar noted.There is right now a free PDF version of a book titled "Mastering Monero" which talks about the privacy cryptocurrency Monero and is created by an Italian contributor with an alias "SerHack" who released it. Originally published in late 2018, this book was fully funded by the Monero community and is designed to teach non-crypto users the importance of "private and censorship-resistant transactions."
“With monero, for every input that you are spending, you will pull other inputs from the blockchain, other people’s random inputs…and it makes it appear as if all these inputs are spent. It makes it seem mathematically like any one of these [inputs] could have possibly been the [transaction] signers," another report notes.From Salazar's perspective, however, there are many improvements to the privacy cryptocurrency Monero - one of which is the upgrade of the network's user interface and experience (UI/UX) which are set to happen in the upcoming months.
Binance Coin (BNB) Is The First Crypto To Surpass Its 2018 All-Time High
- Utility - The main purpose of the BNB coin was to allow traders to receive significant discounts on trading fees when using BNB to pay for them - with recurring discounts in regards to listing fees, withdrawal fees, exchange fees and other fees.
- BNB Burning - Binance Coin (BNB) had a limited supply of 200 million but the Malta-based exchange later said that it would leave just 100 million BNB in circulation.
- Binance Chain - This is another major development trending in the altcoin news section as one of the recent launches for the decentralized exchange Binance Chain.
- Changpeng Zhao (CZ) - Last but not the least is the boss of Binance, the popular CZ, who is behind the rise of Binance Coin (BNB) and constantly playing a role as a prominent individual in this market.
Crypto Market Cap Surges To $180 Million, Binance Coin (BNB) Leads
Crypto Exchange Poloniex Starts Tether (USDT) Support
"To support both versions, our crypto exchange Poloniex will be converting a percentage of Tether currently on the Omni network to Tether on the TRON network. The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex. The airdrop is scheduled to begin on April 30th and more details will be provided next week."According to the announcement which went viral in the Bitcoin and altcoin news, the development will support Tether on both chains - the USDT issued on the Omni protocol and the Tron network. The crypto exchange Poloniex also said that their decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support the two issued versions, Poloniex will be converting a percentage of Tether which is currently on the Omni blockchain to Tether within the Tron blockchain. As Poloniex noted in the announcement:
“The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex.”Meanwhile, Tether started issuing USDT on the Tron (TRX) blockchain on April 17th - and this development has been an upgrade from the Omni protocol-based USDT. As the best cryptocurrency news sites reported, this would enable users to hold and transfer the cryptocurrency through smart contracts on Tron. In December 2018, the crypto exchange Poloniex launched a dedicated offering for institutional traders and joined an increasing array of operators looking to service the institutional market. Before that, Poloniex explained then that the move had been taken in order to ensure that the exchange complies with the regulatory requirements in every jurisdiction. However, this announcement did not refer directly to any specific regulations.
Join us on Facebook
- Thailand Crypto Regulation Could Arrive Through ICO & STO Offerings
- Privacy Cryptocurrency Monero (XMR) Celebrates Its 5th Birthday
- Binance Coin (BNB) Is The First Crypto To Surpass Its 2018 All-Time High
- Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- 2019 Bitcoin Gains Are Now At 44% Against The US Dollar
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News3 days ago
Notre Dame Reconstruction Powered By Crypto Fundraising Campaign
Altcoin News3 days ago
LTC Price Can’t Keep The Pace Any Longer: Crypto Analyst
Blockchain News5 days ago
France’s Ministry Of Finance Labels Blockchain As “A Government Priority”
About2 days ago
The Real Satoshi Nakamoto To Be Revealed By John McAfee
Blockchain News3 days ago
Legal Blockchain Experts Are In High Demand: Report
Analysis2 days ago
Bitcoin (BTC) Price Holding Onto Crucial Support Levels: An Increase Is Likely
Altcoin News3 days ago
Tezos Price Rises By 10% Reaching A New Five-Month High
Uncategorized3 days ago
Privacy Coin Monero Turns Five Today, What Did It Achieve?