CNBC’s Fast Money Looks at Coinbase’s Five Candidate Cryptoassets (XLM, ADA, ZEC, ZRX, and BAT), Gives Its Prediction

On Friday (13 July 2018), following Coinbase's announcement that it was considering adding several new cryptoassets to its platform, CNBC's Fast Money decided to analyze each of Coinbase's five candidate digital assets: Cardano (ADA), Stellar (XLM), Zcash (ZEC), 0x (ZRX), and Basic Attention Token (BAT).

Here is what hedge fund manager Brian Kelly (the founder and CEO of BKCM) thinks about each one:

  • Cardano (ADA): "That is something similar to an Ethereum, if you will. They have a live working network. They have a live roadmap... That's important; that's what SEC said what was important so it's not a security."
  • Basic Attention Token (BAT): "You use this in the Brave browser. You can have an ad-free experience. You can BAT token to pay for content on the web."
  • 0x (ZRX): "This is one of the most interesting ones. That is a decentralized exchange protocol, up and running, and in fact, I believe, Coinbase launched a bulletin board exchange type of thing [he is referring to Paradex, which has not launched yet]... they use 0x technology."
  • Stellar (XLM): "Similar to Ripple [he meant XRP]"
  • Zcash (ZEC): "A privacy token, so you can send stuff back and forth without people knowing. Remember, Gemini has already said they are going to have Zcash on their platform. So, this one is probably the most likely."

The host, Melissa Lee, then asked Brian Kelly why Coinbase was not considering adding XRP if in fact XRP and Stellar are similar. Here is how Kelly explained XRP's absence from the list of candidates:

"So, I think probably it has to do with the uncertainty around whether or not it is a security, and I'm not going to opine one way or the other, but there are some lawsuits pending about Ripple [he meant XRP] being a security. So, I think just that uncertainty itself would cause Coinbase to say 'Let's tap the breaks on that one for today!'."

More importantly, he finished on a bullish note, saying that he wouldn't be surprised if these five cryptocurrencies go up 20%, 30%, or even 40% over the weekend, and that he was "long on every single one of them", but the two that he would rate a BUY at this moment are 0x and Zcash, which according to CryptoCompare, at press time, are trading around $0.9771 and $176.19. 

 

Featured Image Credit: Photo via Pexels; licensed under "CC0"

XRP-Related Tweets Hit New All-Time High After 11% Rally

The number of tweets being published by users on the microblogging platform related to XRP, the fourth-largest cryptocurrency by market capitalization, has skyrocketed to a new all-time high.

The number of tweets being published by users on the microblogging platform related to XRP, the fourth-largest cryptocurrency by market capitalization, has skyrocketed to a new all-time high.

According to data from BitInfoCharts, a total of 29,143 tweets related to XRP were published on July 9. The surge saw XRP-related tweets, for the first time ever, outnumber tweets about the flagship cryptocurrency Bitcoin. The figure was also seven times above the number of tweets related to the second-largest cryptocurrency, Ethereum.

xrp tweets.pngSource: BitInfoCharts

Notably, XRP’s market cap is $8.76 billion, while that of Ethereum is $26.73 billion. Bitcoin has a market cap of $169.5 billion far above all other cryptoassets, as its total share of the cryptocurrency market is now at 62.9%.

The surge in XRP-related tweets likely came because of a significant uptick in the cryptocurrency’s price, as CryptoCompare data shows that this week had a short-lived rally that saw it go up 20% from $0.175 per coin to $0.211. Since then, it dropped back to $0.195.

xrp price.pngSource: CryptoCompare

Despite the rally, in the last 30 days, the price of XRP is still down by 2.18%. Over the last 12 months, XRP has been on a downward trend that has seen it lost 45.7% of its value. In comparison, the price of bitcoin went down 24.18% over the same period.

The rise in XRP-related tweets may also mean the once vocal Twitter community supporting the cryptocurrency – colloquially known as the XRP Army – may be back. In April of this year, a report published by The TIE/eToro pointed out that Twitter mentions of XRP were dropping.

The drop in Twitter mentions was for XRP and various other cryptoassets tracked with their market price, which was also dropping significantly. XRP’s all-time high, seen in December 2017, was $3 per coin.

Featured image via Pixabay.