|
June 03, 2013, 02:09:21 AM Last edit: June 03, 2013, 02:21:07 AM by amincd |
|
People buy XRP because they think it's cheap. The result is that if you multiply the current price of XRPs by how many there are - 100 billion, it has a market cap equal to Bitcoin's. Even if you take into account XRP's market being too illiquid to accurately estimate its market capitalization based on price, the fact that XRPs are trading as high as they are on just a couple of exchanges should tell you everything you need to know about market psychology.
I have seen many people claim bitcoin is expensive, even so-called financial experts. The only reason they think this is because the bitcoin unit has a high price, and it's the standard of account right now. If the standard unit were a millicoin, then they would say "bitcoin is still cheap right now, trading at $0.12, so investing in some right now could pay dividends down the line".
|