Look, Ripple is up 32,000% this year.
And that is not a typo.
Here is a chart of Ripple’s “market cap” (and as usual, we would remind you that it is not at all clear whether using that term in the context of some cryptocurrencies makes any sense and even if it does, the widely reported numbers for some of them are likely misleading):
That market cap peak coincided with an overnight surge on Saturday that saw Ripple approach $2.50 and amid a veritable media frenzy around the digital currency’s push ahead of Ethereum as the second largest crypto:
“It’s the latest twist in the crypto saga known as the ‘flippening.’ That’s what ether enthusiasts call the coin’s anticipated rise to the most valuable by market cap,” Bloomberg notes, adding that “rather than catching up to bitcoin, though, ether has fallen behind other upstarts.”
Everything said above is obviously all kinds of hilarious for all kinds of reasons and as usual, we want to extend our sincere congratulations to anyone who has capitalized off this.
At the same time, allow us to remind the crypto crowd that it is highly unusual for an “asset” to rise 32,000% in a year. Indeed, calling it “highly unusual” is an understatement of epic proportions – that would be akin to the sun not rising in the east and a meteorologist calling it “strange.”
What you’re seeing in Ripple is speculative mania “rippling” down the line into something that people can afford now that competitors have effectively risen enough to price some investors out of the market.
Here are some friendly reminders to anyone who thinks this has any merit:
Do people realize zero big bank Ripple $XRP clients will be using the (centralized,2/3 held by firm) public blockchain they are buying token of?
These token are literally hot air now “worth” more than $GS, $GE or $PFE. And no – the token don‘t cure cancer. LMAO #bitcoin #bubble pic.twitter.com/QXWNIbRYsD
— DK ?? (@dkcrypto13) December 30, 2017
https://twitter.com/prestonjbyrne/status/946886824793989122
https://twitter.com/twobitidiot/status/946752692281540608
Ripple has a fidget spinner as a logo. pic.twitter.com/t4Wtmwh6V7
— Joe Saluzzi (@JoeSaluzzi) December 29, 2017
A few years ago China started build their first BSL4 (Bio Safety Level 4 – to handle the most dangerous bio materials) labs with the French’s technical help. No one knows how many of these labs that the Chinese have now.
I’m convinced that an insidious genetically engineered virus has been produced in those labs. A large percent of the population is apparently susceptible and infected. This engineered virus destroys that part of the brain where analytical and critical thinking is supposed to take place. Otherwise, there is simply no logical and rational explanation for the election of Donald Trump, Fidgets, or the mania over cryptocurrencies.
H, P.S. Periods and commas in your chart?
Make that periods/commas in your table.