Robert Paone, a YouTube crypto influencer and Founder of the one-of-a-kind blockchain recruiting agency Proof of Talent, shared his views on the impact of decentralized finances euphoria on the landscape of Top 20 cryptocurrency rankings.
Farewell to ‘useless legacy’
The entrepreneur and cryptocurrency expert, known as ‘Crypto Bobby’, announced that by the end of next bullish run for digital assets, the landscape of the Top 20 cryptocurrencies by market capitalization will look different. Some veterans within the blockchain markets will fall by the wayside.
By the end of the next bull run, DeFi bags will flippen useless legacy crypto outta the top 20 such as XRP, LTC, BCH, BSV and EOS
— Rob “Crypto Bobby” Paone (@crypto_bobby) August 8, 2020
According to Mr. Paone, XRP, Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin SV (BSV) and Eos (EOS) will find themselves out of the big league. Once next bull run is over, the native assets of decentralized financial protocols (DeFis) will replace them like a ‘useless legacy’.
Six weeks ago (June 22, 2020), similar predictions were shared by prominent crypto analyst and angel investor, ex-Messari’s Qiao Wang. He was more careful in his evaluations of DeFi prospects, but named the same assets as the candidates to a permanent downgrade:
As much as I think most Defi projects are overvalued, I can’t wait for them to kick XRP, LTC, BSV, etc. out of the top 10.
Thus, XRP, Litecoin (LTC) and Bitcoin SV (BSV) were mentioned by both analysts as the coins that are on borrowed time in the camp of crypto behemoths.
New Generation of Leaders
Yesterday (August 8th, 2020), the first DeFi asset in the entire crypto history and the native coin of the Chainlink decentralized architecture, LINK, entered the Top 10.
At press time, LINK surpassed Cardano (ADA), Bitcoin SV (BSV), Litecoin (LTC), and Binance Coin (BNB) in terms of market capitalization (ranked 6th) according to the top independent analytical service Coingecko.
This DeFi craze demonstrated that native assets of decentralized financial applications show no mercy to old champions in terms of ‘flippening’.
For instance, the rally of COMP, a nucleus asset of Compound, surpassed Ethereum Classic (ETC), Dash (DASH), IOTA (MIOTA), and VeChain (VET) in terms of market capitalization in first 24 hours since listing.
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Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.
Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)