I must confess that am so much happy to have taken part in this week's Lecture and homework task given by Professor @imagen on Cryptocurrency Market. I will put my possible best effort in attempting all questions as demanded.
1: Explain in your own words, the concept of Dominance in the world of cryptocurrencies. What is the dominance of Bitcoin at the time of performing your task? (Present at least 1 graph)
Dominance in the simplest form I can say means to be authoritative and monopolistic over things of great value and importance within one's environment, thereby momentarily affecting their course of fast-paced activities and reactions. It is quite obvious in the crypto world that coins or currencies are seen to dominant in their nature, making other existing coins or currencies appear to be recessive. So far in the crypto world, Bitcoin is seen to dominant over Altcoins owing to being a first generation crypto currency, it's percentage share higher than disparate altcoins and market cap.
Bitcoin came in operation in the year 2009 and ever since has taken complete dominance of the crypto world but not until other altcoins emerged.
As at the time of this very post, Bitcoin Dominance is seen to be at 40.78 at approximately 41%. Below is the screenshot confirming this.
Mention at least 2 times where the market had strong falls, mention several affected currencies. (Use screenshots).
The number one fall I want to take a look at is from 22nd February to March 2021 were the market is bearish. Bitcoin and Ethereum.
Obviously, Bitcoin within a period of just 10 days is seen to have drop from $57,532.74 to $50,522.31 there making a loss of $7,010.43. Looking at it from business perspective, this is indeed a big loss.
Within the same time frame, Ethereum is also seen to have a value drop from its value of $1,935.56 as at 22nd February to $1,574.62 as at March 4th, making a drop of $360.94 just in a couple of 10 days. Below are screenshots
Bitcoin Market Price Fall
Ethereum Market Price Fall
The second situation I will looking at is within the month of March were price is also seen to be bearish as well. The coins of interest will be Ethereum and Polkadot
Ethereum was seen to have droped from $1,817.52 to $1,595.21, thereby making a loss of $222.31 in just a space of 6days.
Polkadot on the other hand was seen dropping from $38.29 to $29.97 loosing $8.32 at the same time frame. The screenshot below explains this fall in price.
Ethereum Market Price Fall
Polkadot Market Price Fall
What is the Altcoin Season?
Altcoin season refers to a period of time in which a paradigm shift occured in Bitcoins dominance. A certain number of Bitcoin's market share visible being dominant in the crypto market is likely lost. The loss of Bitcoin's dominance is an advantage to Altcoins to muscle up dominance. Furthermore, any time there is profit in the market cap of the 50 top Altcoin, it is said that there is Altcoin Season.
Give a brief description of at least 2 altcoins that are in the TOP 50.
The 2 altcoins that are among the top 50 that I will be describing are Binanace Coin(BNB) and Polkadot Coin.
- Binance Coin (BNB)
Binance is know for its fame has attracted many admirers. It is fascinating and has become a household name. I have personal interest it and would buy it at any favourable circumstance. Binance exchange appears to be one of the largest platform for exchange in the world within a period of 2years of its existence and BNB is its native coin. With this native coin of Binance "BNB", users can make benefits from its transaction discounts and stake on projects with the possibility of earning passive incomes.
Binance has "BNB" as its native coin, a token built on the Ethereum blockchain that makes use of the ERC-20 smart contracts.
As the time of this post, the price of BNB is $591.15 with market cap of $90,837,590,333.26 as shown by the screenshots below.
Binance Coin Price
Binance Market Cap Price
- Polkadot (DOT)
Polkadot was patterned in such a way that it wiould support manifold coins in a protocol. This is perceived as a limiting factor as regards their modus operandi while standing alone and with relatively insignificant ability in communicating with other coins. Polkadot protocol is extremely reliable from the risk of financial loss in interchain transaction and computation. To developers, this is appreciatable regarding their effort in pursuit of reaching out to more extensive audience and several distinct blockchains. The screenshots below shows that as at the time of this post, Polkadot has a value of $48.64 and a market cap of $45,718,618,193.07
Polkadot Price Value
Polkadot Market Cap
How can relevant news influence the price of cryptocurrencies in a positive or negative way? Name at least 3 examples. (Use screenshots) (Example: SENSO announced a 70% token burn, in a week the price increased more than 100%)
- First
Ellon Musk, the CEO of Tesla motors, his speech 2 days ago suspended at the moment, the purchase of his vehicle using Bitcoin. In addition expressed feelings of dissatisfaction on the cost of fossil fuel mining, demanding to know a crypto having less than Also complained the cost of fossil fuels mining and demanded to know a crypto using less than 1% of Bitcoin energy cum transaction rate.
Below are screenshots on his tweet and its resultant outcome on Bitcoin price
Elon Musk Tweet
Bitcoin Opening Price on 13th May
Observations: it was observed that Bitcoin made a value loss worth about $7k of within as short time as 24hrs.
- Second
This second case is a situation where the same Ellon Musk made an announcement of his acceptance of the Bitcoins during early February of 2021.
A publication on Ellon Musk Acceptance of Bitcoin
Changes in price resulting from Ellon Musk Acceptance of Bitcoin
Observation:
Within same month the price of Bitcoin jumped from $46k to over $57k.
Describe one of the following Penny cryptocurrencies:
Shiba Inu, Safeemon, or Eclipse
The Eclipse
Classify cryptocurrencies as penny, implies that they have incalculable value.it simply means that their value are infinitesimal in worth. Let me talk about the Eclipse
Chat in Eclipse
The above screenshot shows the value of Eclipse (ECP) token. It is incalculable in value and also a utility token running on Binance smart contract. The token is patterned to empower it participate in features in the eclipse platforms as well as payments any advert done on its platform. Eclipse has has unparalled features allowing those handling the token to earn rewards for spending it.
A 6% task is changed for any transaction made with the Eclipse token. 3% out of the 6% is shared among the token holders and the remaining 3% goes to BNB and Pancakeswap. This is a 50:50 ratio. The Eclipse token is safer as regards its mechanism. Developers freely have 1% with 4% that is locked up for about 5 years in the dxsale with liquidity pool. In addition, all unsold tokens are burned and the largest holder of these tokens has just 1.5% paltry.
A big thanks to you Professor @imagen for this week's lecture and homework Task.
Hola @preshdan.
Gracias por participar en la Academia Cripto de Steemit.
Usaste mal el tag #.
Calificación: 5.15
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