Estimize CEO Leigh Drogen has come out strongly against two of the top 10 cryptocurrencies by market cap, XRP and Cardano (ADA).
In a recent tweet, Drogen referred to these two prominent cryptocurrencies as “completely utterly useless”, and predicted that their market share would flow towards assets that “actually work and matter” in the next market cycle.
“There’s still $20B and $14B of completely utterly useless market cap tied up in XRP and ADA respectively,” Drogen tweeted. “In the next cycle that’s gonna flow to stuff that actually works and matters,” the analyst added.
Drogen’s tweet is a warning for those investors who hold XRP and ADA, which are ranked sixth and seventh in terms of market capitalization, respectively.
XRP is the token associated with Ripple, a blockchain company that boasts partnerships with major financial institutions, while ADA is the native token of Cardano, a popular proof-of-stake protocol that is known as the “Japanese Ethereum.”
Both digital assets have a somehow cultish following while also facing criticism from prominent personalities of the likes of crypto tycoon Mike Novogratz.
Despite their popularity, Drogen believes that XRP and ADA are overvalued and will eventually lose their market share.
ADA and XRP are down 87% and 88%, respectively, from their all-time high.