The CEO and analyst of a data company talked about two notable altcoin projects in Turkey. The analyst explained that he does not support XRP and Cardano, saying that these coins are “totally useless”. Here are the details…
Analyst described these altcoin projects as junk
Estimize CEO Leigh Drogen strongly opposed XRP and Cardano (ADA), two of the top 10 cryptocurrencies by market cap. In a recent tweet, Drogen described these two leading cryptocurrencies as “totally useless” and predicted that their market shares would flow towards “really useful and important” assets in the next market cycle. “There are totally useless market caps of $20 billion and $14 billion in XRP and ADA respectively,” Drogen tweeted.
“In the next cycle, money will flow into things that really work and are important,” the analyst added. Drogen’s tweet serves as a warning to investors who own XRP and ADA, which are ranked sixth and seventh by market cap, respectively. XRP is the token associated with Ripple, a blockchain company with partnerships with major financial institutions, while ADA is the native token of Cardano, a popular proof-of-stake protocol known as the “Ethereum killer.”
Both cryptoassets have a somewhat cult following and are facing criticism from prominent figures like Mike Novogratz, who is also a well-known name in the crypto space. Despite their popularity, Drogen believes that XRP and ADA are overvalued and will eventually lose their market share. ADA and XRP are down 87 percent and 88 percent, respectively, from their all-time highs.
XRP and Cardano offer two different characters
cryptocoin.com As we have also reported, XRP and Cardano (ADA) are two alternative cryptocurrencies with different fundamental features. Despite their differences in market cap and overall supply, these two altcoins share some similarities, such as a dedicated community and the desire of their holders to resurrect to reach $1 in the value of their altcoins. Developed by Ripple, XRP is a cryptocurrency created to be used as a tool to facilitate global transfers of value and increase the efficiency of international payments.
This is achieved by making them faster and more affordable. Alternatively, Cardano is an open-source cryptocurrency that aims to provide a solid foundation for building decentralized applications that are scalable, secure, and managed by a proof-of-stake consensus mechanism. It has a layered architecture that provides a unique and innovative approach to blockchain technology, separating the data layer and the smart contract layer.
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