2021-12-29 19:22 |
Key Takeaways
Arcane Research’s report predicts that XRP and Cardano (ADA) will fall out of the top ten crypto rankings.Meme coins will also become a thing of the past, according to the report.While this year has been full of drama in the cryptocurrency market, should Arcane Research prediction for 2022 play out, more drama may be in store for crypto. According to the bespoke crypto research and analytics firm, XRP and Cardano (ADA) are likely to fall out of the top 10 crypto rankings in 2022.
Arcane Research made this bold proclamation among others in their recently published report on the crypto market, The Weekly Update.
The two blockchain networks and their native tokens are currently some of the big hitters in the cryptocurrency market. Cardano (ADA) is ranked 6th by market cap, with a market value of around $47 billion. However, the crypto asset has seen better days as it used to rank as the 3rd largest cryptocurrency by market cap up till October before it began to slide down the ranks.
Several months of downwards trading has seen it overtaken by Binance Coin (BNB), Tether (USDT), and the rapidly growing Solana (SOL). Cardano is set to close Q4 with negative quarterly returns of 35.4%.
The tale of a fall from glory is a similar story for Ripple’s (XRP) as well. At the end of 2020, XRP was the 3rd largest cryptocurrency by market capitalization. But the lawsuit brought by the SEC against Ripple has seen the cryptocurrency slid down the ranks in the market. XRP currently ranks at 8th position in the crypto market.
Despite these, the narrative around both cryptocurrencies is that they will regain their momentum in 2022. For Cardano (ADA), the expectation is that once the multiple DeFi platforms under development begin to launch in the early month of 2022, bringing more utility and demand for ADA, the price will invariably follow.
The important role of DeFi for Cardano was also recently highlighted by Charles Hoskinson, the CEO of the development arm of the blockchain, IOG. Hoskinson noted that a surge in activity around DeFi was coming in 2022.
In the case of Ripple, many analysts and market observers expect that when the case with the SEC comes to an end, XRP will see an explosive price surge that will send it back to the top ranks of the crypto market. The closure to the case in Ripple’s favor is also highly anticipated as the legal proceedings have been going their way.
What else could happen in 2022?According to the report from Arcane, 2022 may see other significant changes in the crypto market. They predict that meme coins, which have been one of the raves of 2021, will “fade into obscurity” in the coming year. For Bitcoin, the verdict is that it will again outperform the stock market in 2022.
The report also predicts that the crypto market will see new winners emerge in the cryptocurrency market in the form of a bucket of cryptocurrencies they name “the small-cap index” cryptocurrencies which recorded a 485% gain this year.
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