Key Notes

Key Notes:

Early market entry provided XRP and Cardano distinct advantages in community building, contrasting with the challenges new tokens face in today’s saturated market.Strong utility cases support both cryptocurrencies – Cardano’s work with Ethiopian student IDs and XRP’s role in cross-border payment solutions through RippleNet.Market performance reflects community strength, with XRP reaching third place by market cap at $155 billion and Cardano maintaining stability at $0.81.

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Galaxy Digital Founder and CEO Mike Novogratz recently shared his thoughts on the market growth and popularity of Ripple-associated XRP and Cardano BTC $96 656 24h volatility: 1.3% Market cap: $1.92 T Vol. 24h: $17.95 B . He discussed this alongside Pantera Capital’s Dan Morehead on the Galaxy Brain podcast.

Speaking on air, Novogratz said he believes ADA $0.78 24h volatility: 2.9% Market cap: $27.95 B Vol. 24h: $543.34 M and XRP $2.58 24h volatility: 1.7% Market cap: $149.55 B Vol. 24h: $2.25 B stayed on top because they launched early. Since there were fewer options back then, they had the advantage of building strong user bases.

Novogratz said new digital assets have a harder time building communities in this era. He explained that this is because there are now too many tokens. For reference, CoinMarketCap data pegs the total number of tokens in the crypto ecosystem to 11.6 million.

Novogratz pointed out that launching new digital assets is much harder in this era. With so many new tokens, attracting users and creating a lasting community is difficult. He noted that too many choices make gaining attention difficult for new tokens.

He joked that even if he launched his token, “Novocoin,” it would be tough to gain recognition. Even celebrities with large followings would struggle to keep their tokens relevant without strong utility.

Novogratz believes that cryptocurrencies must have real-world use for them to succeed. He emphasizes that hype alone is insufficient; digital assets must provide real value to survive. Notably, Cardano and XRP have good use cases.

ADA was built to handle mass transactions efficiently over the Cardano blockchain. It has been used in real-life cases, such as helping Ethiopian students get digital IDs using their fingerprints. This shows its usefulness beyond just cryptocurrency.

Beyond serving as a digital token, XRP is important in Ripple’s payment solutions RippleNET and before the ongoing US SEC lawsuit, it played a key role in On Demand Liquidity (ODL). These solutions are essential in facilitating cross-border transactions.

Novogratz has criticized XRP and Cardano in the past, but now, he is more supportive of the former. Earlier this year, he said people should be allowed to buy XRP, because its strong community keeps it relevant.

XRP became the third most valuable cryptocurrency, passing Tether’s USDT, with a market value of $155 billion. Its impressive price growth came from hopes for favorable crypto regulations that may lead to the approval of an exchange-traded fund (ETF) tied to the coin.

Notably, the same sentiment holds true for Cardano.

Last year, XRP’s price jumped to a 7-year high of $2.90, driven by expectations of friendlier crypto rules after Donald Trump won the November Presidential election. ADA has remained strong despite ups and downs, trading at $0.81. Some experts think the digital asset could reach new heights soon.

As a top VC in the industry, validating the ADA and XRP growth is important, considering many focuses on Bitcoin (BTC) and Ethereum (ETH) alone.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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