Categories: Bitcoin Business

Bitcoin surge caused due to limited 21 mn supply; XRP sluggish due to Ripple supply hold, claims eToro’s Greenspan

Click here to view original web page at ambcrypto.com

Bitcoin [BTC], is experiencing a massive bull run, with no signs of slowing down anytime soon. Several factors have been mulled as the possible fuel to this bullish fire, from FOMO, to halving anticipation and even a sentiment swing.

Mati Greenspan, the senior markets analyst at eToro has “strictly” stated that the pump is down to the top cryptocurrency’s principle of limited supply. Referencing the protocol placed in the original whitepaper by Satoshi Nakamoto, stating that only 21 million Bitcoins can ever be in supply.

On the other end of the spectrum, the second largest altcoin in the market, XRP, has failed to join in with the bulls, exhibiting minimal gains. Greenspan suggested that the cryptocurrency’s relative sluggish performance is down to more than half of its maximum supply of 99 billion in the hands of its parent company Ripple.

His tweet, in full, stated:

“The reason Bitcoin is surging is due to its strictly limited supply of 21 million coins that will ever be created.
XRP doesn’t have this. Max supply is 99 billion, more than half of which belongs to @Ripple.”

Many decentralized currency loyalists have lambasted the altcoin given the supply control at the hands of Ripple. Some have even labeled the cryptocurrency “centralized.”

Greenspan’s point about the Bitcoin supply pump works in accordance with the halving protocol, which dictates that the Bitcoin mining reward would be halved once 210,000 blocks are mined, or roughly every four years.

Bitcoin’s next halving is scheduled for May 2020, and, based on historical price movements, the price pumps three months to one year prior to the halving, as can be witnessed with the recent pump. The mining reward is set to decrease from 12.5 BTC per block to 6.25 BTC per block.

According to a report by crypto-analytics firm Longhash, with the mining rewards set to decline, Bitcoin mining fees will be a key financial incentive for the miners. Based on a May 10 report, the mining fees for the top cryptocurrency is 8 times that of all other virtual currencies combined.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

60 mins ago

Bitcoin ‘Messiah’ Goes To War With The ‘Deep State’

One of bitcoin and crypto's oldest proponents, the founder and former chief executive of U.S. online retailer Overstock, Patrick Byrne,… Read More

1 hour ago

The Specs Behind Bitcoin’s Lightning Pass Their First ‘Formal’ Security Test

A pair of researchers have released the results of a formal verification of bitcoin’s lightning network.Lightning is new(ish), experimental, and… Read More

1 hour ago

Deja Vu 2000 Or Flashback 2007? (Part 2)

“The experience in Japan, Europe, or even the US, is that once you get into a near-zero interest-rate regime, it’s… Read More

7 hours ago

Blockchain Industry to Generate $16 Billion Revenue by 2024

Often considered as a nascent technology, blockchain was introduced about a decade ago. Although the technology has not been around… Read More

7 hours ago

Kate Winslet takes action against Bitcoin scammers who used her image

Kate Winslet has spoken out after her image was used to advertise a Bitcoin scam Movie star Kate Winslet is… Read More

7 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More