Bitcoin has been the undeniable market leader in the cryptocurrency industry since its inception, with absolutely no exceptions.
Its market capitalization has always been greater than any other cryptocurrency, but that doesn’t necessarily mean that there aren’t coins that can perform better than it during the next bull market, whenever it may be. After all, we’ve seen it in the past.
So, with that said, we decided to poke the artificial brains of ChatGPT – the most popular AI-based chatbot. Here’s what it had to say when asked:
Which Cryptocurrencies Can Outperform Bitcoin in the Next Bull Market?
Ethereum Comes First
Perhaps not surprisingly, Ethereum (ETH) is the second-largest cryptocurrency by means of market capitalization, and it’s arguable whether it’s the first or the second one by means of its community. Nevertheless, it’s safe to say that since its inception, Ethereum has garnered massive attention.
Its smart contract functionality has made it the backbone for numerous decentralized applications (dApps) and Decentralized Finance (DeFi) projects. – says ChatGPT.
And it’s not wrong. Ethereum has been at the forefront of DeFi adoption for years now and despite the tremendous competition, it holds steadfast at number one. With ETH fueling this thriving ecosystem and being a permanent requirement for participation, it’s no surprise that ChatGPT puts it as the number one contender to outperform Bitcoin in the next rally.
By the way, if you’re wondering when the next bull market may come, we have a dedicated video on six things to watch when it comes to Bitcoin’s price this year. Check it out:
Ripple (XRP) Also a Contender
Ripple’s XRP has been in the top 10 for years. But there’s more to it than meets the eye, especially in the last few years.
You see, Ripple Labs is in a massive legal clash with the United States Securities and Exchange Commission (SEC). The top financial watchdog in the US is arguing that XRP is a security and, thereby, the company conducted an unregistered securities offering while selling it.
If XRP is ruled a security, this would put the company under the direct purview of the Commission, and it would make selling it on secondary markets a lot harder because of an excessive number of regulations put in place.
It’s perhaps safe to assume that this lawsuit has been suppressing XRP’s price for quite a while now, as investors are wary of a potential ruling in the SEC’s favor.
More recently, though, presiding Judge Analisa Torres ruled that XRP doesn’t fulfill the criteria of an investment contract when sold on secondary markets (not on primary). This was largely perceived as good news, and XRP almost doubled in price on the day the decision was passed.
It’s perhaps safe to assume that a fully-fledged victory in the case against the SEC could propel an increase.
Oh, and we also asked ChatGPT how high XRP can reach in the next bull run. Find out what it thinks in the following video:
Binance Coin (BNB): CZ-Led Empire to the Moon?
Binance coin (BNB) is the native cryptocurrency of Binance – the world’s largest exchange by volume and most likely by any other metric that you think of.
To put a perspective of how big Binance actually is, let’s have a look at the trading volume for the past 24 hours. We take data from CoinGecko (since CoinMarketCap is owned by Binance and some are skeptical of it).
So, CoinGecko says that the normalized trading volume on Binance for the past 24 hours is over $4 billion. Let’s say $4 billion. The second-closest one is Coinbase, with $900 million.
If that’s not convincing, we did the math for the past day – Binance turned over the same volume as the next… wait for it… 8 (eight) largest exchanges. If that’s not convincing…
In any case, BNB is the token that fuels the entire ecosystem of Binance, and they’ve even committed to burn a certain amount of it based on their profitability as a company. During bull runs, exchanges make a lot of money, which usually translates to higher profits and, by extension, larger numbers of BNB burned forever, making the remaining amount more valuable (in theory).
ChatGPT also argued that other cryptocurrencies may have a shot if market conditions are right. These include:
Whatever turns out to be the case, it will be very interesting to see how the market will shape up throughout the next bull run… whenever it may be.
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