Steemit Crypto Academy Week 13 - Homework Post for @imagen

BITCOIN DOMINANCE

Bitcoin is the leading cryptocurrency in the world and has the largest market value which is worth $1 trillion and this value keeps on increasing and it is predicted that in 2026, bitcoin will reach the 5 trillion market cap. It shows how much of the total market cap of cryptocurrency is. It will help you understand the trend of Btc and Altcoins.

I see the Big minuses of Bitcoin and I fully understand Bitcoin. But Bitcoin is still better option than keep my "wealth" in Fiat money. Bitcoin's dominance continues to decline especially if it makes its second bearish leg towards $46-47k (EMA21) to validate a nice "W" dominance could approach the expected level for a crazy ALTseason 🚀🚀 Crypto is a long game. Mindset, strategy, and risk management are the most important things to develop.

Running after the new shiny/ponzy thing may get you lucky and win you the sprint, but you will certainly fall in the marathon.

1st Strong fall of BTC

in December 2017 Bitcoin touched its all-time high of $19,891 with a 123% yield in a single month. In 2021, from February to May, it has only yielded 94%, reaching a new high of $ 64,347 last April. 📌Markets are not by price, they are by Score / Performance.

2nd Fall of BTC/USD

The prices of the BTC dipped by 11%: After the latest increase in value of the cryptocurrency, Another strong Bitcoin pullback took place, and the prices have fallen again by 11% on Thursday.

Following the 2nd fall of BTC, other cryptocurrency experienced a simultaneous fall at the same time.
$ADA
$DOGE
$ETH
$DOT
Below is an image.

What is the Altcoin Season?

Altcoin season is the term in which, when money flows into altcoins faster than it flows into Bitcoin. Cryptocurrency investors always look to move their funds out of Bitcoin and often into alternative crypto. (Eth,LTC,BCH). There are several reasons this happens but one is gas (exchange)fees. We are in the Altcoin season.

We will be looking at 2 altcoins that are in the top 50.

Ripple (XRP)

@imagen

Ripple was created by Ripple Laps inc as a currency exchange remittance network. It was initially released in 2012 and it started getting recongnition in 2018.

Ripple is regarded as one of the best digital platform for global payments, and also offers institutions the fastest and most reliable option for sourcing liquidity on demand.

The XRP can be sent directly without actually needing a third party or central moderator thereby making it a convenient instrument in bridging the gab between two different currencies more efficiently and quickly.

Lite coin

Lite coin was released on GitHub via an open sourced client. The network went live on the 13th of October 2011. The litecoin was founded by a former Goggle engineer CHARLIE LEE two years after Bitcoin. It is the ninth largest cryptocurrency. The value of 1 LTC was estimated to be $310.73.

Litecoin is decentralized and is not issued by the government. Individuals and institutions can use the Litecoin to transfer funds and purchase items between accounts. The Litecoin network have continue to see a rise in daily transactions.

“Number of transactions in blockchain per day” is not crypto exchange volume, this is value being sent and settled in a Decentralized manner through the network with transactions costing less than a penny.

HOW CAN RELEVANT NEWS INFLUENCE THE PRICE OF CRYPTOCURRENCIES IN A POSITIVE OR NEGATIVE WAY

The media have a great influence over the fall and rise of cryptocurrency value, some times it might be a positive influence or a negative influence. News affect everything, it could be in a positive or negative way. The media plays a big role in the crypto world in which Bad news can cause panic while Good news can increase it.

The cryptocurrency market is volatile. The rise of “fake news”, coupled with extreme economic uncertainty is distorting our perception of reality and changing the fabric of our live.

I am of the opinion that crackdowns always influence the market in a positive or negative way, especially because millions of inexperienced day traders react on any news and massively sell everything they have.

THE BITCOIN RISE.

2017 was the most exciting and the evoking year for people that invested in the Bitcoin. For you understand the rise of Bitcoin’s value, check the following screenshot. The rise in the prices of the BTC started occurring on November 25, 2017 and have continue to increase.
This image below shows the biggest Bitcoin price surge.

THE BITCOIN DROP.

May 13, 2020 The whole crypto market crashed after a single ELON MUSK tweet that Tesla cannot be bought with Btc. The announcement made by Elon Musk immediately led bitcoin and other crypto currencies to fall. It has now dropped almost 14 per cent over past 24 hours, crashing more than $100 billion off its initial value.

THE DOGE RISE.

The dogecoin spiked $10 billion after Elon Musk tweeted that Tesla will accept the coin and should be accepted by the people. 80% of the people supported his company idea and has pumped by 10%. Dogecoin is gonna explode if Tesla accepts it.

SHIBA INU

Shiba inu is the latest in the cryptocurrency universe which has been garnering massive attention since the recent dip in Dogecoin. Shiba Inu is in contrast, it runs on the Ethereum platform which is always updated continuously.

So buy as fast as you can. (Not a financial advice, DYOR). The shiba inu coin is the 19th largest coin in the world and it derives its name from the fact that the dogecoin is said to be the same as the shiba inu dog.

@imagen