Cryptocurrencies: A Wild Ride Ahead?
As I sit down to write this article, I can’t help but think about the rollercoaster ride that is the world of cryptocurrencies. Bitcoin, Ether, and XRP - the three largest cryptocurrencies by market share - have been on a wild ride lately, with prices fluctuating wildly and investors holding their breath.
But what exactly are cryptocurrencies, you ask? According to Wikipedia, a cryptocurrency is “a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.” In other words, it’s a digital currency that uses advanced cryptography to secure and verify transactions.
A visual representation of the concept of cryptocurrency
Bitcoin: The Original Cryptocurrency
Bitcoin was the world’s first cryptocurrency and decentralized digital currency. The first bitcoin transaction occurred in early 2009, and since then, it has grown worldwide. But recently, Bitcoin’s price fell to its lowest level in nearly two months, dropping as low as $60,000. Despite this, BTC is currently up around 40% year to date.
Bitcoin’s price has been on a wild ride lately
Ether: The New Kid on the Block
Ether is another cryptocurrency that runs on the Ethereum blockchain platform and has the second-largest market share. Despite being the newest of the three discussed in this article, Ether’s price dropped to its lowest level in over a month this week, hitting $3,350. ETH is currently up around 44% year to date.
Ether’s price has also been volatile lately
XRP: The Underdog
XRP, which is owned by Ripple and launched in 2012, was one of the larger cryptocurrencies for some time until new coins joined the market. We’ve included it in this article for reference. XRP is currently down around 17% year to date.
XRP’s price has been struggling lately
Bitcoin vs. Ether vs. XRP: A Comparison
An index has been created to chart these three cryptocurrencies together, considering their significantly different pricing histories. Ether tops the chart, i.e., the price of an ether has changed the most out of all three cryptocurrencies.
A comparison of the three cryptocurrencies
What’s Next for Cryptocurrencies?
As I look to the future, I can’t help but wonder what’s next for cryptocurrencies. Will they continue to fluctuate wildly, or will they stabilize and become a more mainstream form of currency? One thing is for sure - it’s going to be a wild ride.
A visual representation of the future of cryptocurrency
