Sygnum Bank’s Top Crypto Picks Revealed: How Have They Held Up?

Renowned cryptocurrency attorney and avid Ripple’s XRP supporter, John Deaton, recently revisited a crypto recommendation made by Sygnum Bank years ago. In a thought-provoking social media post, Deaton examined the Swiss-based institution’s backing of Bitcoin (BTC), Ethereum (ETH), and XRP as the leading digital assets to consider.

Sygnum Bank’s Forward-Thinking Approach

Circa 2020, Sygnum Bank made waves with its visionary approach to the digital economy, presenting its top three crypto assets and their individual roles. BTC was hailed as the digital equivalent of gold, an ideal means of safeguarding wealth due to its finite supply and increasing demand.

In the same vein, Ethereum took the stage as the “Web3 thesis” – the future’s infrastructure. Ethereum’s blockchain technology’s standout feature was its ability to host smart contracts, making it an attractive platform for building decentralized applications (DApps). This capability earned Ethereum its esteemed position as the backbone of the decentralized web, or Web 3.0.

The spotlight then turned to XRP, Ripple’s native token, renowned for its groundbreaking technology in global payments. Unlike traditional money transfers, XRP enables instant, low-cost international transactions, shaking up the conventional banking and remittance industry.

Assessing the Recommendations Today

John Deaton’s pertinent question remains: how have these recommendations stood the test of time? Presently, BTC, ETH, and XRP continue to assert their dominance in the crypto market, with each token offering unique contributions.

Bitcoin:

Bitcoin (BTC) remains a reliable hedge against inflation, and while it experienced a dip, it is still a force to be reckoned with. Recently, it dropped below the $30k level, but history has shown Bitcoin’s resilience amidst market fluctuations.

Ethereum:

Ethereum’s journey has been remarkable, driving the rise of decentralized finance (DeFi) with its impressive blockchain capabilities. Although it saw a slight 0.8% decrease in the past day, Ethereum remains steadfast in its position as the preferred platform for building innovative DApps.

XRP:

Despite facing regulatory hurdles, Ripple (XRP) continues to promise a revolution in global remittances. Nevertheless, the crypto’s recent growth has slowed, being overtaken by BNB and currently ranking as the fifth-largest cryptocurrency in the world. With a nearly 4% decrease on its weekly chart, XRP is facing challenges, but its potential for disrupting traditional financial systems remains.