Bitcoin (BTC) is the most dominant digital currency in the world according to CoinMarketCap. At the time of writing, Bitcoin dominance is 57 percent, as seen on CoinMarketCap. However, some observers believe that the dominance of Bitcoin will soon plunge as the much-awaited digital currency of Facebook – Libra Coin – is just by the corner. While some think the launch of Libra Coin will cause Bitcoin to lose its dominance level, others believe Libra Coin would be a blessing to the majority of digital currencies in the crypto market.
Crypto News Update: The Launch of Libra Coin Mounts Pressure on Bitcoin (BTC) and XRP (XRP) – Cryptocurrency Market Update
The forthcoming launch of Facebook’s digital currency is putting pressure on some digital currencies in the market. Two digital currencies that under much pressure are XRP (XRP) and Bitcoin (BTC). XRP is the third largest digital currency by market cap, while Bitcoin (BTC) is the largest by market cap, according to CoinMarketCap. Many believe that Libra Coin will have a negative impact on the future of XRP and Bitcoin in the market.
Several top financial firms across the globe have been showing support for the Global Facebook Coin. They have been making uproars, dissents, and disruption amongst digital asset investors and analysts. According to a report, the Libra Association will be governing the GlobalCoin of Facebook, and the associate comprises of a consortium of companies which includes MasterCard, Visa, and PayPal.
The social media giant – Facebook – will also be getting support of $10 million from top firms such as Uber, Coinbase, Andreessen Horowitz & Union Square Ventures. These firms decided to invest the sum of $10 million each after Facebook announced it needs support of $1 billion for its digital currency. All these anticipation and support around the coin continues to pose more threat for other digital currencies such as XRP (XRP) and Bitcoin (BTC).
Cryptocurrency News Today: Libra Coin Will Pave the Way for XRP and Bitcoin Adoption – XRP Price Prediction 2019
While some observers are being bearish about the impact of Libra Coin on other top digital currencies, some Twitter users are very bullish. They believe the launch of Facebook’s Libra Coin will drag the attention of new digital asset investors into the digital currency space through other digital currencies instead of Bitcoin alone. According to an XRP fan on Twitter, the introduction of Facebook’s Libra Coin would open Bitcoin (BTC) and XRP (XRP) to more adoption instead of being a threat.
There were similar speculations also when JP Morgan launched its US-backed digital currency. Then, there were speculations that XRP and Bitcoin (BTC) have both gotten a very strong rival that will see their downfall. However, Bitcoin (BTC) and XRP (XRP) have been growing strong without feeling the slightest of impact by the launch of JP Morgan Coin.
Bitcoin (BTC) Price Today – BTC / USD
The digital currency market is currently recovering at a very fast pace. The price of Bitcoin (BTC) is heading to the moon. BTC USD price just broke over the $9k level. The price of Bitcoin (BTC) looks set to hit the Bitcoin price prediction 2019 of $10k. The price of XRP is also on the rise, as it just broke over the 42 cents resistance level. With this rate, XRP price prediction 2019 of $1 might be seen in the next few months.