After a small price increase at the end of July, many crypto price analysts believe that August will be the month when the real bull run will come.
Is a new bull run about to start?
The current crypto market cap is at around $300 billion, which many price experts decided to view as a sign that a new bull run is about to take place. The current situation is similar to that of the early June when the market cap was last seen to hit $300 billion in total. Back then, the market was still extremely bearish.
Now, the situation seems to be changing for the better, and in the last few days, the prices of many cryptocurrencies were on a rise. Since then, the prices once again dropped, but many see this as a small setback and are preparing for the real bull run.
The cash flow increased significantly last week when Bitcoin hit $8200, and many cryptos, including Cardano (ADA), NEO, EOS, and others, have seen several percents large increases. While not that many altcoins have seen big increases, Bitcoin was the one that led the price shift. Even so, the majority of the crypto supporters have seen this as a positive thing, and an indication that the market is ready for a period of recovery.
Despite the fact that there were some significant changes in the prices of several coins, there were also those who experienced some losses. Because of that, there are also some analysts with a pessimistic view of things, claiming that this situation might lead to the disappearance of several altcoins.
Right now, Bitcoin continues to dominate the market with around 46% of the money. However, this percentage fades in comparison with Bitcoin as it was back in 2013 when it dominated with 75-90% of the money in the market. Still, this is a significant rise from the situation as it was earlier this year when BTC’s market dominance went down to barely 30%.
What will happen to altcoins?
If we take a look at the cryptocurrencies’ short history, it is clear that the largest price shifts usually come at the beginning of the year, as well as at its end. For example, the last December has seen Bitcoin hit $20,000, while Cardano exceeded $1.20, and NEO managed to hit $162 per coin.
Then, as soon as January came, the majority of cryptos dropped significantly. In July 2017, however, Bitcoin lost much of its dominance, dropping to only 40%. At the same time, however, a lot of altcoins rose, some even threatening to overtake if the situation were to continue. Now, it would seem that the history is repeating itself for Bitcoin, with its dominance being at 47%. However, the same cannot be said for altcoins, which are dropping even more, instead of rising like they did last year.
This is the situation that has led to a lot of conflicting opinions on what will come next. Some believe that the bull run is about to start within days, while others claim that this might be the end of all altcoins. If true, then this latest price increase was the false sign of hope for many investors, and altcoins might truly be at their end. However, the situation might not be so grim, and a lot of altcoins might survive, even if the majority were to fall.
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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
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It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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