What Happened Today in Crypto? – November 15

Ripple’s Popularity Could SWIFT-ly Surpass that of the Famous Banking Network

Ripple, through the word of its CEO Brad Garlinghouse, thinks that one day in the not too distant future, it could topple the SWIFT Banking Network, known for its stance against blockchain technology.

On the other hand, Ripple has partnered with more than 100 banks and financial institutions as they attempt to incorporate blockchain and other emerging technologies to find solutions in the finance world.

As Ripple keeps adding new customers and establishing alliances, its popularity among financial institutions might one day surpass that of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) banking network, according to a Bloomberg report.

Stablecoins Are the Hottest Assets of the Moment as They Hold Enormous ROI Potential

Amid one of cryptocurrency’s most pronounced crisis, investors and experts still see the light at the end of the tunnel, as stablecoins have proven to be the “next big thing” in the industry, with triple-digit returns just like Initial Coin Offerings (ICOs) last year.

Bloomberg reported on November 13 that hedge funds are still betting on cryptocurrencies to rebound and deliver returns on investment with a stable coin. Specifically, a successful stablecoin project has the potential to provide 46 times ROI.

To be clear, a stablecoin is a token pegged to a currency, like the US dollar. They help transfer money around the cryptocurrency community without losing its value. Tether is the perfect example of a successful one, having increased its market cap in 16 months to reach $2.8 billion in August 2018.

XRP Surpasses ETH as The Largest Altcoin by Market Cap

After Wednesday market collapse that saw Bitcoin hit its lowest value in more than a year and Ethereum fall from the $200 to the $180 range, Ripple became the largest altcoin by market cap.

The market showed a bearish tendency from the start of Wednesday, and virtually all coins in the top 20 fell in value. Even Ripple declined for a third straight day, but it held up better than Ethereum and surpassed it in market cap.

Ripple went from being worth $0.5 to touch a $0.4 low. Not it has somewhat stabilized in the $0.46 range, with momentum on seller’s side.

BitGo Adds Gemini Stablecoin and Now Supports 101 Coins

The widely known crypto custodian BitGo announced that it has added another service to its catalog, offering support for its 101st digital asset. According to specialized site Coindesk, BitGo now handles the Gemini dollar (GUSD,) a stablecoin designed to maintain parity with the U.S. dollar.

The cryptocurrency industry is slowly, but surely migrating to stablecoins as they have the potential to perform speedy and secure transactions without the volatility element.

BitGo, at least according to vice president of marketing, Clarissa Horowitz, reshaped the company’s model this year. There are more than 300 institutional customers, and the firm went from supporting eight assets to 101 in a few months.

Bitcoin Cash Hard Fork Could be Behind Market’s Latest Collapse

As the cryptocurrency industry has collapsed spectacularly since Wednesday and Bitcoin’s price hit a new low for the year, numerous investors are left wondering what the cause was. And while there are no clear answers, BKCM founder and CEO Brian Kelly told CNBC, that it might be because of the November 15 Bitcoin Cash hard fork.

The process of upgrading a crypto software often comes with disagreements, and that is the case with the most recent Bitcoin Cash fork. Kelly explained that people started selling their assets, and everybody “got concerned” amid rumors of BCH splitting into two different tokens.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
Ali Raza is finance editor at TheOofy. He is a journalist with experience in web journalism and digital marketing. Ali holds a master degree in finance and enjoys writing about cybersecurity, cryptocurrencies, and technology.