Steemit Crypto Academy | Cryptocurrency Market| Homework task for @imagen

Hello All Steemians !!!

On this occasion, I will try to take a class at Steemit Crypto Academy. I am interested in joining this class because there are many new lessons that I will get here. I will do homework task from professor @imagen. Lesson discussion about Cryptocurrency Market. Lets try...

Domination Cryptocurrency & Dominance of Bitcoin

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Domination in the world of cryptocurrency can be interpreted as something that is higher and more that has been mastered in all aspects so as to make it the best compared to other competitors in the same context. This domination effect can impact all cryptocurrencies because have more value and strength than others.

Dominance of Bitcoin is living proof until now. This is evidenced by Bitcoin's ranking which is on the top list in the cryptocurrency market. When talking about the world of cryptocurrency, surely everyone knows Bitcoin because of its popularity which has penetrated wherever in the world. Almost all investors and traders own Bitcoin as an asset. All exchange platforms provide Bitcoin as one of the tradable crypto assets. All of this has proven that Bitcoin really dominates the cryptocurrency world in all fields.

According to the chart for 6 months until now Bitcoin has dominated the cryptocurrency market around 43.93% of the total cryptocurrency market.

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2 Times Market had Strong Falls

Dominance of Bitcoin has been shown to affect the state of the cryptocurrency market. The decrease in the price of Bitcoin has also affected several cryptocurrencies. This time I will give 2 examples of the decrease in Bitcoin prices that make the prices of other cryptocurrencies go down as well.

24 September 2019

On 24 September 2019 BTC price was around >9600.00 USD and there was a decrease to 8525.89 USD. As a result of this drop in BTC price, EOS price also fell from >3.6000 to 2.7789 USD. This shows the significant drop in the price of BTC is affecting the prices of other cryptocurrencies including EOS.

Screenshoot On CoinMarketCap

12 March 2020

On 12 March 2020 BTC price was around <8000.00 USD and there was a decrease to 4824.31 USD. As a result of this drop in bitcoin price, XRP price also fell from >0.2000 to 0.1363 USD. This shows the significant drop in the price of Bitcoin is affecting the prices of other cryptocurrencies including XRP.

Screenshoot On CoinMarketCap

Altcoin Season

Altcoin season is a time that shows the price increases of all cryptocurrencies apart from Bitcoin at the same time. This happens because of the enormous influence of Bitcoin domination on the world of cryptocurrency. The presence of Altcoins which is intended as a development and improvement of Bitcoin has made the two of them interconnected. This is supported by the fact that Altcoins are built on the basic Bitcoin framework.

Altcoins is believed to be an alternative to Bitcoin. This has made it possible for many investors and traders to add options for developing investments. Altcoins season still depends on the positive and negative trends of Bitcoin. Although Altcoins have different advantages, functions, features, and characteristics, the power of Bitcoin still affects the ups and downs of the market price.

Description 2 Altcoins in the TOP 50.

1. Ripple (XRP)

Screenshoot On CoinMarketCap

Ripple (XRP) is on the 7th list in the cryptocurrency market. XRP's price is around $ 1.37. Ripple is a type of Altcoin that has a function to facilitate transactions in the cryptocurrency world. The presence of the Ripple coin on the crypto market is aimed at providing trading means such as cross-border payments, transfer systems and exchanges in the financial industry. Ripple is not designed for mining like other Altcoins so it differs slightly from Bitcoin.

The presence of Ripple (XRP) has been developed to eliminate intermediaries or third parties so it will reduce costs and transaction times. The owner of this coin has full control over this coin without any involvement of any party. This is what makes Ripple known as a coin that is safe and has fast transactions with low fees.

2. Litecoin (LTC)

Screenshoot On CoinMarketCap

Litecoin (LTC) is on the 12th list in the cryptocurrency market. XRP's price is around $316.78. Litecoin is a type of Altcoin that is almost the same as Bitcoin (BTC). The facts reveal that people say Bitcoin is gold and Litecoin is silver. The difference between this two coins can be seen from the transaction process and the price in the market. Where Litecoin has a cheaper price and the transaction process that occurs is faster than Bitcoin. This proves that Litecoin is at a level slightly below Bitcoin.

The presence of Litecoin (LTC) has been developed by Charlie Lee who has been working and innovating on converting Bitcoin to a faster, lighter and cheaper version. With all the advantages that Litecoin has, it is hoped it can help investors and traders to use Altcoins as an asset that is worth investing in the future.

Relevant News Affect Cryptocurrency Prices

1. Bitcoin (BTC)

Screenshoot On Twitter

A tweet from an influential person in the world Elon Musk that reads "You can now buy a Tesla with Bitcoin" has succeeded in making the price of Bitcoin in the crypto market up and positive. Notification that the purchase of his company's Tesla products can be bought with crypto assets is very hot. This is believed to influence investors to buy and make Bitcoin a very valuable asset.

2. Dogecoin (DOGE)

Screenshoot On Twitter

A tweet from an influential person in the world Elon Musk that reads "Doge Barking at the Moon" repeated in the next month succeeded in making Doge price in the crypto market up and positive. This Tweet influenced investors to start investing in Doge assets which have the potential for price increases and a huge influence in the crypto world.

3. Ripple (XRP)

Screenshoot On Internet

A news report said that CoinMarketCap decided to remove the XRP price from the Korean stock exchange. This unwanted news has caused XRP's price to go down and negative in the crypto market. This is due to the large number of Korean investors selling crypto assets in a short period of time. XRP prices drop almost 30% in a day.

Penny Cryptocurrency : SafeMoon

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SafeMoon is a type of Altcoin which is a Penny Cryptocurrency because it still has a price of under $1. This coin is still very new which was launched on March 8, 2021. The process of making this coin to work at BSC Defi. SafeMoon team has announced it will reward users who hold SafeMoon coins. This is a special advantage that SafeMoon has in order to attract investors' interest compared to other types of Penny Cryptocurrency.

Screenshoot On CoinMarketCap

SafeMoon current price is $0.0000085. According to the chart, since the launch of this coin there has been a significant increase in price on April 22-23. SafeMoon price was $ 0.000014 the highest point ever reached. The volatility of cryptocurrency prices makes SafeMoon price go up and down. For now the price of SafeMoon is still at a good price and is worthy of being a crypto asset.

There is something unique about selling SafeMoon coins. This is evidenced by every sale of coins will be charged a fee of 10% and 5% of the fee will be given to the holder. This coin will soon be traded on the best and popular exchanges so it can grow and have many holders in the next few years.

Thank you for the time and opportunity to develop the knowledge I have. Hopefully it will be useful for all readers.

CC :
@imagen
@steemcurator02