Estimize CEO Leigh Drogen is strong against XRP and ADA, two of the top 10 cryptocurrencies by market capitalization.
In a recent tweet, Drogen called the two prominent cryptocurrencies “completely useless” and predicted that their market share will shift to assets that are “really active and important” during market cycles.
“XRP and ADA also have completely useless market caps of $20 billion and $14 billion respectively. In the next cycle, capital flows to things that are really useful and important.”
Drogen’s tweet was a warning to investors holding XRP and ADA, the sixth and seventh-ranked coins by market capitalization, respectively.
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XRP is the token pegged to Ripple, a blockchain company that has partnerships with major financial institutions, while ADA is the native token of Cardano, a popular PoS protocol dubbed the “Ethereum of Japan.” copy.
Both digital assets have strong followings while facing criticism from high-profile figures such as cryptocurrency mogul Mike Novogratz.
Despite their popularity, Drogen believes that XRP and ADA are overvalued and will eventually lose market share. ADA and XRP are down 87% and 88% from their all-time highs, respectively.
- XRP is up more than 5% for this reason
- Cardano’s Valentine’s Day upgrade mainnet officially launched, ADA price increased by 8%
According to USA Today