Today Coinmarketcap, the most popular site for rank ordering cryptocurrencies based on market cap, circulating supply and other relevant data, sent out a tweet stating the following:
The circulating supply data we are reporting for XRP is directly from the Ripple network stats. The "distributed" portion of the XRP supply is what is currently in circulation. The "undistributed" portion of XRP is not circulating as indicated by Ripple. https://t.co/jTcjaQg7gX
— CoinMarketCap (@CoinMarketCap) December 4, 2018
The link leads to a list of distributed and undistributed circulations numbers next to their particular date.
Just yesterday, ForbesCrypto tweeted that they had updated the circulating supply of XRP to 99,991,780,039, which is the same as the total supply. Meanwhile, Coinmarketcap still has the circulating supply listed as 40,327,341,704.
Coinmarketcap doesn’t show that the undistributed portion of XRP is circulating, and cites the link provided as evidence for it. Forbes, on the other hand, believes that the full quantity of XRP’s supply is currently circulating, and the sentiment on Twitter (at least amongst XRP fans) seems to agree with Forbes. Supporters have pointed to this webpage as evidence for why the full supply is, in fact, equal to the circulating supply.
The discrepancy in XRP data reporting is not the only one between Coinmarketcap and Forbes. Coinmarketcap lists XRPs market cap as $13.9 Billion, while ForbesCrypto lists XRPs market cap at $34.44 Billion. Other stats, like 24-hour volume, are also significantly different ($114m on ForbesCrypto and $408m on Coinmarketcap).
It’s hard to determine at this time which numbers are correct. However, what does remain consistent between both sites is that XRP has overtaken Ethereum to become the #2 cryptocurrency by market cap, a position many still find hard to believe when considering how much Ethereum has contributed to the crypto ecosystem compared to XRP. Ultimately, centralized cryptocurrencies like XRP will always be followed by controversy because the way in which their coins were produced and distributed makes people question everything about them, from their intrinsic value to market cap and circulating supply.
Was November the Last Big Bitcoin Sell-Off? Trader Expects Slow Grind in 2019
By CCN.com: According to a trader and crypto technical analyst, November 2018 may have been the last sell-off of Bitcoin and a long consolidation period is expected throughout 2019.
Since experiencing a steep 13 percent drop on January 10 from $4,036 to $3,502, the Bitcoin price has been relatively stable in a tight range in mid-$3,000.
What Does Low Volatility Mean For Bitcoin?
While it seems as if the price of Bitcoin has been volatile throughout the past two weeks, the volatility of the dominant cryptocurrency occurred in a tight range between $3,500 to $4,000.
No major movements below or above key support and resistance levels were recorded, preventing any meaningful short-term price movement.
One trader said that if the trend of relatively low volatility in a tight low price range continues, the sideways action of Bitcoin will extend throughout the year, resulting in a long consolidation period.
“The longer this sideways action takes place the more I think the bottom is in. November was one of the worst monthly candles in history. It’s very possible that was the last of the major selling and now we’ll have a consolidation period that lasts most of 2019,” the trader said.
On Sunday, Bitcoin recorded a six percent drop against the U.S. dollar in a 24-hour period from $3,700 to $3,470. The asset has since recovered above the $3,500 mark and based on the performance of the asset in the last 48 hours, Bitcoin is expected to demonstrate stability throughout the week.
Hsaka, a cryptocurrency analyst, said:
Inside Bar; Low that was taken out (3480) holding as support; Continue leaning neutral here, can’t short HTF support, will wait for a break (even moreso when confluent with that CME gap).
A slow grind upwards in the first two quarters of 2019 could allow Bitcoin to establish a proper bottom and a mid-term trend reversal. If the price of asset recovers quickly in a short time period, as seen in the major sell-off of cryptocurrencies in November 2018, it can leave the asset class vulnerable to a large short-term correction.
With events that are considered as catalysts to fuel the momentum of Bitcoin in the first two quarters of this year including Bakkt and Bitcoin exchange-traded fund (ETF) far from being materialized due to the shutdown of the U.S. government, it has become more likely for the cryptocurrency market to demonstrate a low level of volatility in the upcoming months.
How About Alternative Crypto Assets?
Historically, alternative crypto assets, especially low market cap cryptocurrencies, have tended to perform strongly against Bitcoin when the asset is in a sideways market.
However, as seen in the performance of tokens and other major crypto assets in the past 48 hours, the stability in Bitcoin is unlikely to trigger short-term rallies for assets with lower volumes and valuations due to the current conditions of the market.
Some analysts believe November to have been the last sell-off for Bitcoin and expect a several-month-long consolidation period to occur.
Controversial Opinion Piece Says XRP Decentralization is Happening, Puts Proof of Work Coins with the Dinosaurs
During the last few months, Proof-of-Work (PoW) cryptocurrencies have been experiencing some issues such as 51% attacks. This is the case of Ethereum Classic (ETC) a top 20 digital asset that has been affected by this kind of attack. However, other networks such as Ripple continue to expand decentralizing their network even more.
XRP has been attacked for being a centralized digital asset. However, the cryptocurrency was able to overcome these critics and become the second largest digital asset in the market. However, XRP has still a long way for taking Bitcoin’s position as the largest cryptocurrency.
This is something difficult because Bitcoin (BTC) was the first cryptocurrency to be released to the market. XRP was launched a few years after, thus, it has fewer chances of becoming the most popular digital asset. Bitcoin has been using the PoW algorithm to verify transactions and keep the network secure. However, this process could eventually become obsolete as rewards drop for miners.
Every 210,000 blocks miners will be receiving fewer Bitcoins for their work. Unless Bitcoin price grows, they will eventually leave the market. Miners are located all over the world, but a large majority is currently in China, which is something that could heavily affect Bitcoin’s network in the future.
In general, Bitcoin mining activities were very profitable when the asset was close to its all-time highs back in December 2017. Several companies decided to set up mining farms and start mining Bitcoin. This resulted in the centralization of the industry in just a few hands. ASIC miners used to process Bitcoin transactions are very expensive and can be acquired in bulk just by a few companies.
XRP uses Distributed Agreement Protocol, also known as Consensus Protocol. In this way, XRP avoids the problem of double spending in a much more efficient way than Bitcoin does. The distributed agreement protocol works with validators that control that the network is operating in a healthy way.
80% of XRP validators must support and vote for a change during a period of two weeks before it goes into effect. This is a better way to improve the network compared to Bitcoin or other cryptocurrencies in the market. If the change is not agreed by these validators, then it will not go into effect.
If validators want to disrupt the normal flow of transactions in the XRP ledger, users would have to agree on a new list that would allow the network to be operative.
David Schwartz, the Chief Technology Officer (CTO) at Ripple, commented about this issue:
“This has never been a problem for any blockchain in the past, and it’s required by every blockchain when previous agreements fail to be sufficient. Decentralized systems fundamentally allow interoperation only among people who continue to agree on a large number of things.”
He went on saying that the XRP has the lack of incentives for this situation to happen. Honest participants want the network to properly work and have all the interest aligned.
In this way, XRP looks better suited than other PoW networks to resist attacks by collusion or other bad actors. Furthermore, XRPis able to process more than 1500 per second while Bitcoin or Ethereum (ETH) could just support 16 transactions per second (TPS). Finally, the fees paid for transaction BTC and ETH are much larger than XRP.
Ripple is also growing in the market. It has reached more than 200 companies working on top of the RippleNet. Additionally, there are new products such as xRapid that are going to be embraced by financial institutions and banking firms to make cross-border payments in a much easier and cheaper way.
At the time of writing, XRP has a market capitalization of $31.56 billion, this is half of the market cap that Bitcoin has ($62.19 billion). According to Yahoo Finance, XRP has a price per coin of $0.31 while Bitcoin is being traded around $3,550.
Source: Bitcoin Exchange Guide
Dow Futures Prep for Opening Bell Plunge as Bitcoin Price Turns Volatile
By CCN.com: The US stock market returns to action this morning following Monday’s holiday break, and the Dow is gearing up for a triple-digit loss at the opening bell. The bitcoin price, meanwhile, experienced a jolt of volatility ahead of the US trading session to break out of what had previously been a relatively calm day for the cryptocurrency market.
Dow Futures See Triple-Digit Pullback
As of 8:29 am ET, Dow Jones Industrial Average futures had declined by 144 points or 0.58 percent, implying an opening-bell loss of 135.35 points. The broad S&P 500 and tech-heavy Nasdaq also steeled themselves for losses at the open, with futures for the two indices down 0.60 percent and 0.68 percent, respectively.
With the US stock market closed on Monday in observance of Martin Luther King Jr. Day, futures trading had nevertheless portended Tuesday declines. As CCN reported, China published its official GDP growth statistics for 2018, which showed that the world’s second-largest economy had expanded at its slowest pace in 28 years.
China posts slowest economic numbers since 1990 due to U.S. trade tensions and new policies. Makes so much sense for China to finally do a Real Deal, and stop playing around!
— Donald J. Trump (@realDonaldTrump) January 21, 2019
That data emboldened US President Donald Trump, who implored China to “stop playing around” and “finally do a Real Deal” that would end the ongoing US-China trade war.
“China posts slowest economic numbers since 1990 due to U.S. trade tensions and new policies,” the president tweeted on Tuesday. “Makes so much sense for China to finally do a Real Deal, and stop playing around!”
Hu Xijin, the editor of the China-based Global Times, responded to that tweet with a warning that Beijing won’t sign an “unequal deal,” even if the country experienced negative economic growth.
China has hoped to reach a reasonable trade deal with the US. When China's GDP grew at double digit rate, we wished China-US relations go well. But if the US forces China to sign an unequal deal, Beijing won 't yield even it is a negative growth, let alone 6.6%. https://t.co/ZxVMxMheSi
— Hu Xijin 胡锡进 (@HuXijin_GT) January 22, 2019
“China has hoped to reach a reasonable trade deal with the US. When China’s GDP grew at double digit rate, we wished China-US relations go well. But if the US forces China to sign an unequal deal, Beijing won ‘t yield even it is a negative growth, let alone 6.6%.”
Meanwhile, the March 1 end to the US-China tariff truce continues to inch closer, placing more pressure on the two economic superpowers to find common ground.
Bitcoin Price Turns Volatile on Tuesday
Though not on a holiday itself, the cryptocurrency market had been relatively calm on Monday following Sunday’s moderate pullback. This morning, though, bitcoin and its would-be peers have begun to regain a bit of their characteristic volatility.
After range-trading between $3,550 and $3,500 for most of the day, the bitcoin price took a sudden drop shortly before 11:40 UTC, slipping as low as $3,401 before recovering above $3,520 in a whipsaw movement that took less than five minutes. As of the time of writing, the bitcoin price sat at $3,557 on Bitstamp, about $33 below its intraday high of $3,590.
Day-over-day movements were relatively muted throughout the wider cryptocurrency market. The ripple price (XRP) declined by 1.22 percent to a global average of $0.317, while ethereum, bitcoin cash, EOS, litecoin, and bitcoin sv all moved by less than 1 percent. Stellar, whose price often moves in tandem with ripple, declined 1.33 percent to $0.102, and tron outperformed the index with a 4.51 percent jump to $0.026 that was likely connected to the announcement that TRX holders would earn an airdrop when the new BitTorrent cryptocurrency arrives.
Altogether, the cryptocurrency market cap — which measures the aggregate valuations of all cryptocurrencies — stands at $119.7 billion, representing a 24-hour increase of around $100 million.