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The Crypto Market Reaction to Bitcoin (BTC) Recent Surge

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Bitcoin (BTC) is finally back on track, with the world’s largest cryptocurrency recently reaching heights that were not seen in over half a year. The coin’s last big milestone was $7,100, and while it has gone beyond it, at the time of writing, a slight correction has started taking place.

However, while all of the attention is on BTC, it is also interesting to see how the altcoins are reacting to the new development. The market, as a whole, is looking a lot better these days, and it continues to improve constantly.

Bitcoin dominates the market

Bitcoin is currently once again dominating the market, with the belief that it needs to reach 60% in order to bleed out the overvalued altcoin markets. These days, its dominance is between 58% and 62%, depending on where you get your data from. This provides excellent conditions to try and predict what might happen to the rest of the market, as a similar situation already took place in the past.

Back before the new surges of 2019, and even before the bear market of 2018, and even further back, before  BTC reached its peak — Bitcoin saw similar levels of dominance on December 4th, 2017. Back then, the list of the top 10 largest cryptos by market cap had barely any similarities with the list as it is these days.

However, this period is interesting because Bitcoin managed to peak within a single week and go from $11,500 to its $15,100, as its dominance peaked. 30 days after Bitcoin reached 60% dominance, altcoins reacted by seeing a massive surge themselves, which pushed Bitcoin dominance down to 35%.

Those who held Bitcoin during this period saw the coin jump from $11.5k to $15.1k within a week, which allowed them to make a 23% return. However, those who held top altcoins at the time — Ethereum, Bitcoin Cash, XRP, Dash, Litecoin — had seen an outstanding 40.35% return thanks to the surge that followed.

Will history repeat itself?

Of course, this kind of behavior did not reflect on all the top coins during this period, and some of them, such as Dash, actually performed rather poorly. However, the chances are that an investment in top altcoins is an extremely profitable idea when Bitcoin reaches 60% dominance.

If history repeats itself, similar altcoin behavior might be following in weeks to come, so investing in them right now might be a very smart move. Of course, there is no guarantee that things will play out the same way as they did a year and a half ago. After all, the crypto market remains as unpredictable and as volatile as ever. With that said, the market was observed to be moving in cycles, which might indicate that history does repeat itself.

It was also noticed that each new cycle amplifies the performance, as the BTC price itself continues to reach higher and higher with each new turn. That might explain why so many crypto experts and analysts predict astronomical prices that go well beyond the current all-time high of $20,000.

At the time of writing, however, BTC is seeing a price correction, which is taking it back down, towards $7.000. Whether or not this level will start acting as a support and prevent further drop remains to be seen. Meanwhile, the largest altcoins are behaving in pretty much the same way. ETH has dropped below $190 again, currently sitting at $188. XRP’s current price sits at $0.316602, while BCH currently sits at $354. The fifth largest coin, currently Litecoin, is the largest loser on the top 10 list, currently seeing a 6.27% drop, while the only coin trading in the green at the time of writing is Binance Coin (BNB), with 6.49% gains in the last 24 hours.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

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The rise of the crypto casinos

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In the hyper-competitive world of online casinos, operators are always looking for ways to stand out from the crowd. The most usual methods include using distinctive branding, offering generous bonuses and making sure that they are on all of the major so-called affiliate sites where players can compare and contrast casinos’ different offerings.

But now a whole new generation of casinos are starting to emerge – ones whose key difference isn’t what and how you play, but more in how you pay.

The rise and rise of the cryptocurrency casino is seen by many as the next logical step in a world that is slowly but surely starting to accept that Bitcoin, Ethereum, Ripple, et al. are certainly here to stay.

Of course, it’s the first of these cryptocurrencies that has really grabbed the headlines and led the way with its meteoric performance in 2017 when it seemed like its $20,000 value was just the start of the story. Admittedly, this was short-lived and the value quickly fell back to a more sustainable level but, if it achieved one thing, it was to cement this exciting new kind of currency in the consciousness of the general public.

Why Bitcoin and online casinos are the perfect partners

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Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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