Hey, crypto enthusiasts! If you always thought that Bitcoin (BTC) was firmly at the top, you're wrong! Did you know that XRP (Ripple) also topped the list and took the top spot in market capitalization? Isn't that crazy? Let's dig deeper to find out when and why it did it.
XRP's road to the top
1. 2017 glory: Back in 2017, XRP ushered in explosive growth and successfully attracted the attention of the entire cryptocurrency circle. From obscurity to January 2018, it hit a record high of about $3.84, even surpassing Bitcoin at one point, and briefly became the "boss" in the cryptocurrency field.
Reasons for reaching the top
2. Strong cooperation: XRP's rise depends on practical application scenarios and close cooperation with major financial institutions. Unlike Bitcoin, which was mainly seen as a means of value storage and digital gold at the time, Ripple focuses on achieving fast and low-cost international remittances. Ripple (the company behind XRP) has partnered with banks, payment processors, and financial networks to greatly enhance its credibility. It directly hits the pain points of slow, expensive, and inefficient cross-border payments in traditional finance, and stands out with a faster, cheaper, and more scalable solution.
3. Media hype and FOMO: In 2017, cryptocurrencies became the focus of the media, and XRP was a hot topic, attracting many investors to enter the market, and the price continued to climb, becoming a top competitor. People saw the rapid appreciation of XRP and fell into the "fear of missing out" (FOMO) emotion.
Subsequent development
4. Bitcoin regained the crown: Entering 2018, the popularity of XRP began to wane. Bitcoin has consolidated its dominant position in the cryptocurrency field with its first-mover advantage, decentralized characteristics, and its position as the preferred store of value. At the same time, XRP faces many regulatory challenges, and the community has questioned its degree of centralization because Ripple controls a large amount of the total supply of XRP.
Speaking of which, I recently discovered a currency with unlimited potential - Marvin based on the Ethereum blockchain. It is said that it has a 10-fold growth potential. If you are lucky, it is not impossible to hit a 100-fold increase. I heard that Vitalik and Musk are paying attention to it! #Marvin
