Market analyst Ben Armstrong, widely recognized as BitBoy, has suggested that XRP might outpace Bitcoin in dominance growth during the ongoing bull market.
While he does not foresee XRP surpassing Bitcoin in market capitalization anytime soon, Armstrong expressed confidence that XRP would deliver better returns for investors in this cycle.
XRP vs. Ethereum: Competing for Second Place
Armstrong discussed the rivalry between XRP and Ethereum for the second position in the market. Although Ethereum has held this spot for several years, XRP briefly overtook it in 2018.
Armstrong speculates that XRP could reclaim this position as the bull market progresses, highlighting its increasing prominence in global finance.
He noted that XRP is gaining recognition from both BRICS nations and Western institutions, including organizations like the International Monetary Fund (IMF). On the other hand, Ethereum continues to appeal to institutional investors and enterprises due to its stability and role in decentralized finance (DeFi).
However, Armstrong pointed out that Ethereum’s slower transaction speeds might deter some retail investors, who could favor faster blockchains such as Solana. Despite this, he believes Ethereum will maintain its standing among institutions that prioritize reliability over speed.
Will XRP Overtake Ethereum?
Armstrong believes that XRP could surpass Ethereum’s market capitalization during this cycle, though he acknowledges that the outcome is uncertain. For this to happen, XRP’s market value would need to climb significantly. At present, Ethereum’s market cap is over $410 billion, roughly four times greater than XRP’s $130 billion.
According to Armstrong, XRP’s price would need to exceed $7 to match Ethereum’s current market cap. He has even predicted that XRP could reach $22 this season , taking its market cap to $1.26 trillion. This projection underpins his optimism about XRP surpassing Ethereum later in the future.
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XRP’s Impact on Bitcoin Dominance
Although Armstrong does not expect XRP to rival Bitcoin’s market cap in the foreseeable future, he anticipates that XRP will continue to chip away at Bitcoin’s market dominance. He noted that XRP’s impressive rally in November caused a noticeable drop in Bitcoin’s dominance.
A tweet from CryptoQuant’s Ki Young Ju revealed that Bitcoin dominance fell by 6% during this period, with XRP contributing 3% to the decline. Between November 3 and December 3, XRP’s price surged by over 450%, pushing its market cap from $28 billion to $154.83 billion.
This temporary surge caused Bitcoin’s dominance to dip to 52% before recovering to around 60%. Armstrong predicts a similar dynamic could unfold through 2025, with XRP continuing to impact Bitcoin dominance during market upswings.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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