Yesterday in an interview with CNBC, Ripple CEO, Brian Garlinghouse explained that bitcoin’s dominance over altcoins could end soon. Garlinghouse believes 2018 will be the year where cryptocurrencies with real world use with be identified and focused on more than those that fail to offer more than a craftily written white paper.
Garlinghouse argues that the market will separate useful projects from highly speculative ones and this could be the shift that reduces BTC’s oversized impact on altcoins.
“It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases. There’s gonna be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out.”
The Ripple CEO went on to explain that XRP, along with other cryptocurrencies offer different technologies and should not be hinged by BTC price movement as, “There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies.”
Garlinghouse agrees that until this happens, XRP will continue to be hinged to Bitcoin price movement.