The CEO of XRP-based CoinField cryptocurrency exchange, Bob Ras, has played down on Bitcoin despite being the pioneer cryptocurrency assets.
He explained that the leading asset does not possess the ability to perform the eminent functions of XRP, ETH, and SOLO token.
Ras said this in a complimentary message on the growing altcoin trend in the market. The downslope in BTC’s dominance and the sudden take over from altcoins as they grow at a fast rate was a major point Ras highlighted.
At present, Bitcoin’s dominance has dropped to around 60% from the over 68% maintained at the start of the year and over 69% in May.
Ras, who is also the creator of Sologenic, a project created to serve as the bridge between the traditional financial market and crypto market, furthered that the fact that the government is already reckoning cryptocurrency as a solution, is a big win for the industry.
To achieve bigger growth and adoption in the crypto industry, upstanding altcoins and use-case are very much important, Ras added, stating that XRP, ETH, and SOLO tokens are no match for BTC as Bitcoin can never perform the operation they execute.
Ras said this as a reiteration to a previous statement he made, August 2019. Then, he said stability would be introduced into the market once altcoins are totally detached from Bitcoin, and rapid adoption and entrance of institutional investors will also follow suit.
With Bitcoin alone, the industry will never grow, BTC’s “dominance shouldn’t be more than 30%”. At that time, he also placed down on the use case of Bitcoin but compared XRP and ETH alone to the leading digital asset.
“BTC can’t do what XRP & ETH do.”
XRP, ETH Outweigh BTC; Here are More Facts
Unlike the giant cryptocurrency, Bitcoin, which was not built to be a simple system of payment, Ripple, performs twofold roles: serves as a currency and a payment platform.
This has however made topmost banks across the globe, find Ripple proficient for transactions. Such banks include Standard Chartered and Barclays.
Also, XRP is an open-source ecosystem, solely built to permit swift and economical transactions.
Crypto trader, Brian Kelly says, while BTC is on the decline, ETH may possibly be the next giant in the cryptocurrency space.
Furthering, Kelly says, Bitcoin taking the lead in the market at the moment is not enough proof that the future of the giant crypto is bright.
Ethereum is upgrading and they are likely to move from hardware mining, proof of work to ‘proof of stake’, Kelly sees this happening in few months to come.