Research: Over half of the top ten cryptocurrencies have misleading names, only these four projects truly deserve their names

The co-founder of the cryptocurrency research firm Blockfyre took to Twitter yesterday to criticize five of the top ten cryptocurrencies for not deserving their high market values, while listing four promising candidates as strong contenders.

Five Misleading Top Projects

In the cryptocurrency market, there are over 5,000 different cryptocurrencies, and most industry professionals agree that the vast majority of them lack real-world use cases and value. Simon Dedic, co-founder of cryptocurrency research firm Blockfyre, recently tweeted that out of the top ten cryptocurrencies by market capitalization, five are not deserving of their high market values.

In a tweet on June 21st, Simon Dedic stated:

"XRP, BCH, BSV, LTC, EOS are absolutely not worthy of being listed in the top ten cryptocurrencies."

I will get some serious hate for that, but I stand by my opinion:$XRP, $BCH, $BSV, $LTC and $EOS absolutely do NOT deserve belonging to the TOP 10 cryptocurrencies.

Actually can't wait until they vanish and clear the way for solid candidates like $VET, $LINK, $XTZ or $ATOM.

— Simon Dedic (@scoinaldo) June 21, 2020

While Bitcoin Cash (BCH), Bitcoin SV (BSV), and Litecoin (LTC) have attempted to challenge Bitcoin's (BTC) market dominance and utility, Dedic believes that the implementation of the Lightning Network and other scalability solutions will ultimately lead to their failure. He expressed eagerness to see other tokens replace them in their current market cap rankings.

In an interview with a foreign media outlet, Simon Dedic also mentioned that EOS, being a centralized version of Ethereum (ETH), serves no real purpose, especially considering its ICO raised significantly more funds compared to other projects. Despite Ripple's (XRP) adoption rate, Dedic emphasized that its centralized nature goes against the essence of cryptocurrencies and blockchain technology. He further criticized the project for regularly dumping billions of tokens into the market as a primary source of income.

Promising Potential Candidates

Besides calling out five projects that are unworthy of high market valuations, Simon Dedic also highlighted four potential candidates that could replace them and become high-value digital assets. Dedic mentioned that if the adoption rate of VeChain (VET) significantly increases in the future, he would not be surprised, as it represents one of the most critical blockchain use cases: supply chain. Additionally, Dedic believes that Chainlink (LINK) deserves to become a high-value cryptocurrency in the future due to its market demand.

"As the market grows, trusted and impartial third-party data becomes increasingly important, especially with the rapid growth of the DeFi sector. Chainlink has excelled in providing reliable market data."

Furthermore, although Dedic primarily invests in Ethereum, he sees Tezos (XTZ) as a promising public blockchain project, with governance structures even better designed than Ethereum. He also sees significant potential for Cosmos, a cross-chain project that aims to achieve blockchain interoperability through Tendermint, in the future.

Which projects do you think deserve to be in the top ten market cap rankings? Feel free to discuss in the comments section on Facebook.