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Bitcoin's Influence Over Cryptocurrency Prices Could End Soon

Written by:
Guest
Published on:
May/30/2018

Cryptocurrency prices have been highly correlated with bitcoin, falling in lockstep for the first half of 2018, and this all could be coming to an end real soon, remarked Ripple CEO Brad Garlinghouse in an interview with CNBC.



"It's early, over time you'll see a more rational market and behaviors that reflect that," Garlinghouse said during CNBC's "Power Lunch" Wednesday. "There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies."

"It's still a nascent industry, the speculation in the market dominates the trading activity," Garlinghouse said. "I think it's a matter of time until people better understand the different use cases.

"There's gonna be a bit of a correction along the way here where a lot of the players in the space that don't actually solve a real problem are going to get washed out.”

WATCH BELOW

Momentum for Ripple continues to build: Ripple CEO from CNBC.

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