Ripple lost its title as the second biggest cryptocurrency when CoinMarketCap made a decision to exclude Korean exchanges from its averages, which resulted in Ripple?s price being shown at a lower price.
"My personal opinion is that we're going to see a consolidation after a crash."
The caution came after South Korean cryptocurrency exchange Youbit announced it was closing and filing for bankruptcy after it was hacked for a second time this year. South Korea is one of the biggest markets for crypto trading and hence shutdown of the exchanges there should be one more blow to the industry, if it comes true. "By removing that, it looks like the market cap fell by 30 percent and so people rushed to sell because they're not sure what's happening".
"South Korea has always had a premium because it's very hard to get cash out of the country", said Dwyer. They plan to have a cryptocurrency trading desk up and running by the end of June, if not earlier. This anonymity, however, allows for cryptocurrencies to be used for transactions by criminals, which has provoked discussions around the world about how a government could possible regulate the market. Recently coinmarketcap a popular website for cryptocurrency market capitalisation, removed certain Korean based exchanges in their market cap count, which reduce the market cap of all the cryptocurrencies relevant to Korean exchange.
"Bitcoin (and cryptocurrencies more generally) may offer viable alternatives in countries and corners of the financial system where the traditional services of money are inadequately supplied", Pandl wrote. "Hopefully, next year there will be more unity in the community about scaling and global adoption becomes reality".
Ripple which has been fighting with Ethereum about who is in control of the second place in the cryptocurrency field according to market cap has more than $90 billion according to Coin market Cap. Others have pointed out that that the growing number of companies using Ripple's distributed ledger technology hasn't so far translated into support for the XRP token itself.
Bitcoin has enjoyed a meteoric rise this year - but its younger sibling Litecoin actually has more than twice its year-to-date gain. On the CBOE, futures XBTF8, +12.21% were changing hands at $15,470.
Bitcoin, which has the largest cryptocurrency market cap of around $252.5 billion as of Monday, now has a circulating supply of 16,790,537 BTC - the maximum supply of BTC is 21,000,000.
"If you are a traditional bank, and Alipay is entering your market - or it could be Google, Facebook, WeChat, you pick - you can compete on a level playing field with digital-first technology".