Crypto Academy ||Season-2 ||Week-5|| Homework Post for @imagen|| Crypto Market
Define Dominance in the world of cryptocurrencies. What is the dominance of Bitcoin at the time of performing your task? (Present at least 1 graph)
The term dominance means to give superiority to one thing to others. Dominance is term that is present everywhere. In every field there are few things that are superior to other present in particular field. Dominance may be a person to others and animals to others. We can define it globally. Dominance of one country to other countries.
If talk about cryptocurrency market in this Dominance means that the superiority of one Coin to other coins present in crypto market. In crypto market dominance of particular coins to other is based on the capitalization of coin in global market.
Bitcoin Current Dominance is 44.92%. Dominance of Bitcoin is drop greatly from the last year. Here is the screenshot of Bitcoin Dominance.
Here Is the Index chart of Bitcoin Dominance.
In Cryptocurrency market Bitcoin has dominance to other all the coin because it has high market capitalization. It is created in 2009. It is the first cryptocurrency, in this way it developed more over other currencies. Bitcoin acquire more market capitalization until when other currencies are created. When new cryptocurrency is created the market, capitalization is low. Therefore, it has less dominance to others.
Mention at least 2 times where the market had strong falls, mention several affected currencies. (Use screenshots)
Here I will show two market that had strong falls in few days back. I show the downfall of Bitcoin price and Binance coin Price.
Binance (BNB)
First time the price of Binance coin is down in Feb 2021. We Can see that the price of BNB is $332.92 on Feb 20, 2021. We can see that the price of BNB is down consecutively. As we see on the upper marked area the price of BNB is $221.98 on the Feb 27, 2021. This is the first price fall that I noted of BNB coin in Second Month.
Second time the price of Binance coin is down in Apr 2021. We Can see that the price of BNB is $542.57 on Apr 16, 2021. We can see that the price of BNB is down consecutively. As we see on the upper marked area the price of BNB is $496.26 on the Apr 25, 2021. This is the second price fall that I noted of BNB coin in April Month 2021.
Bitcoin (BTC)
First time the price of Bitcoin coin is down in Feb 2021. We Can see that the price of BTC is $57,532.74 on Feb 22, 2021. We can see that the price of BTC is down consecutively. As we see on the upper marked area the price of BTC is $45,159.50 on the Mar 01, 2021. This is the first price fall that I noted of BTC coin in Second and third Month in 2021.
Second time the price of Bitcoin is down in Apr 2021. We Can see that the price of BTC is $73,258.51 on Apr 16, 2021. We can see that the price of BTC is down consecutively. As we see on the upper marked area the price of BTC is $49,077.79 on the Apr 26, 2021. This is the second price fall that I noted of BTC coin in April Month in2021.
What is Altcoin Season?
When top 50 coins that are includes in Altcoin performing well in market. The market capitalization is high of these coins. The performance of those coin is well. The performance is remain may be within the month or more. Actually the Altcoin season is the period when top 50 Altcoins performing good than bitcoin. When 75% of Altcoins performing good then bitcion then it is called a Altcoin Season.
Give a brief description of at least 2 altcoins that are in the TOP 50.
Cardano (ADA)
It is including in top 50 Altcoins. It is developed and launched in 2017. It is launched after the fundraiser of Initial coin offering in 2015. This crypto project is created by Charles Hoskinson. It becomes well known due his well planed thoughts for future development. In information about organizations that supervised this project is easily accessed by the users. There are most well-known scientists are working on this project. This is the most refined Crypto Platform.
Current Market Cap: $ 54,646,354,653
Current Price: $ 1.67
Volume: $ 6,541,672,861
Circulating Supply: $ 31,948,309,441 ADA
Dogecoin (DOGE)
It is also including in top 50 Altcoins. It is developed and launched in 2013. It is launched after the fundraiser of Initial coin offering in 2015. This crypto project is created by pair of Software engineers, Billy Markus and other one is Jackson Palmer. The aim of this crypto currency is to make the free payment system against to those who charge high transaction fee. DOGE project use Proof of Work Algorithm to maintain the transaction security. DOGE is only mined with FPGA and ASIC Hardware devices.
Current Market Cap: $ 62,812,103,462
Current Price: $ 0.4809
Volume: $ 19,163,239,841
Circulating Supply: $ 129,559,040,393
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%)
Bitcoin Price down
Bitcoin price down after the tweet of American President Donald Trump. He tweeted as “I am not fan of Bitcoin”. After this tweet the price of bitcoin is down. Before this tweet the price of bitcoin is $12,139.71. After posting the tweet, with in a few days the price of bitcoin is decrease. Price is bitcoin is $9,471.21. In this way the price of bitcoin is down after tweet of Donald trump.
Tweet:
I am going to discuss the about one coin that’s price is goes up after announcement of particular authority. SHIB Coin price is goes up after the announcement narrated by Binance the most famous Crypto Exchange. Binance announcement screenshot is given below.
Announcement:
After the announcement by Binance the price of SHIB coin is exactly rise up. SHIB coin Price before announcement is about $0.000005. After the announcement the price rise up by 100%. Price after announcement is $0.00000291 at 5am May 11, 2021. As you can see the screenshot.
As the SHIB Coin the DOGE coin price is also increase after the announcement made by the most famous personality Elon Musk. He is the CEO of Tesla Motors and also run the SpaceX Company. He twitted this type of claims. Before tweet about Doge, he tweets about the Doge coin. He twitted that to by Tesla with Bitcoin. This tweet really helps Bitcoin to increase the price of Bitcoin. After this tweet, He tweets about Doge coin on Apr 28, 2021. He twitted that Dogefather as you can clearly see in screenshot. When the date of May 08, 2021. Exactly the price of Doge coin is increased. Price is increased by $0.7471.
Tweet
Describe one of the following Penny cryptocurrencies: Shiba Inu , Safemoon, or Eclipse
It is including in penny cryptocurrencies. It is created by pair of developer John Karony and Jack Hanies. It is most newly created cryptocurrency. It is an altcoin. It charge 10% of fee from one who sell their token. It is a cryptocurrency that is based on the Blockchain. The Blockchain of SafeMoon is quite similar to Bitcoin blockchain. It is launched in market in March 2021. The Slogan of SafeMoon is ”**Safely to Moon”.
Worth of SafeMoon
It is also most quickly growing cryptocurrency. Current price of SafeMoon is $0.00000825 on May 12, 2021. It price take trip on its highest price of $0.000014 on late April. It price is increases quickly after its creation. It launched price is $0.0000000010.
How to Buy SafeMoon
The process of buying Safemoon is quite difficult as compared to other cryptocurrencies. We can buy this crypto from exchanges like panacakeSwap, BitMart, WhiteBit and Bakery Swap. In order to buy SafeMoon first, we need to buy BNB and any other coin then we swap with SafeMoon.
When we are using PanacakeSwap, Trust wallet is download first. Buy a BNB and BSC and add to trust wallet. Then we swap the BNB with SafeMoon. This is the process that how to buy the SafeMoon.
If talk about cryptocurrency market, it is consisting of two coins. One bitcoin and other is altcoin. And if we talk about the dominance of coin in market then Bitcoin dominate on other coins. In crypto market the fluctuation is high. Anything can be happened beyond your imagination. Price of coins are suddenly going up and suddenly drops. This lecture helps me more to understand the crypto market.
Hola @abdulsabor
Gracias por participar en la Academia Cripto de Steemit.
Buen trabajo
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