Category Archives: market cap

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Binance: Bitcoin Dominance to Reach 80% in 2020

Binance_ Bitcoin Dominance to Reach 80% in 2020

Binance Research, the research arm of global crypto exchange Binance, has collated a series of predictions that Bitcoin market dominance will reach a figure of around 80% by the year 2020.

In this Q2 survey, it said that more than half of all the VIP and institutional clients it surveyed believed that Bitcoin dominance would be in the 40-60% range by the end of this year alone. This signals that most believe it will peak and that altcoins will also have their turn in rising price, just as they did during the last crypto bull run.

But a further 30% predict that this figure will not only maintain this year but rise up in the next year to as high as 80%. According to Binance Research this “illustrates the special status of Bitcoin as the bellwether of the cryptocurrency and digital asset industry”.

As reported by BitcoinNews.com yesterday, Bitcoin market dominance has already risen above 60% in the midst of this current bull run for the world’s most used crypto, a figure not seen since almost two years ago in 2017.

According to figures from CoinMarketCap, dominance, measured by a digital asset’s share of the total crypo market capitalization, is counted only for Bitcoin, and it has been on a slow but steady uptrend since August last year, when it first broke 50% on the way to its current levels.

The same survey found that over 56% of significant Bitcoin investors hold positions for an average position of over a week, although many would disagree that this defines them as holders. A fifth (22%) of all respondents were high-frequency traders, who held positions for an average less than an hour.

 

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Bitcoin’s Market Cap History Turned into A Symphony

Redditor synthsucht has used a sound generator program to create a history of Bitcoin’s recent market cap swings. The end result is a 45-second audio clip that tells the history of Bitcoin from 2016-2018, in a unique format that has probably not been thought of before this.

Total market cap chart as a sound generator from CryptoCurrency

In 2016, Bitcoin’s market cap was relatively low compared to what it is today but steadily increasing as the market began to exit a long bear market. In the audio track, it appropriately sounds like rising music at the beginning of a classical opera or an organ at church, punctuated by musical peaks when Bitcoin began to have mini rallies in June and August 2017.

Bitcoin’s rally towards USD 20,000 in the last quarter of 2017 changes the nature of the sound, with an increasingly excited pitch. There is an organ-like crescendo when Bitcoin’s price hit its all-time high in December 2017, before music sounding like it was played from a synthesized keyboard as the price of Bitcoin peaks and crashes. Each mini rally and crash, and daily volatility during 2018, sounds like someone hitting different keys on the keyboard. The music captures the volatility perfectly.

While this audio history of Bitcoin from 2016-2018 is simple and short, it captures Bitcoin’s market sentiment without even saying a word. It paints a slow and depressed sentiment as Bitcoin exited a 2-year bear market, before entering an upbeat tempo with the rally. The current bottoming out of the market is played out in neutral organ tones.

Some people on Reddit suggest this audio clip should be the Bitcoin National Anthem.

 

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A Snapshot of Top 10 Cryptocurrencies by Market Cap

Market capitalization in cryptocurrency is one of the most common points of reference for newcomers when trying to familiarize themselves with some of the most used or popular cryptocurrencies. In general, market cap combined with daily trading volume can be used as an indicator of how popular a cryptocurrency is and how much money is invested in it.

There are some caveats when using market cap to rank a cryptocurrency. Often, a large amount of coins are held by developer foundations and these may inflate the market cap far above what it really is. Also, market cap cannot be used to determine which cryptocurrencies have the best characteristics and the most potential; it only indicates the market price multiplied by coin supply. Often, market price for a crypto is inflated due to speculation that has little to do with its real value. Finally, crypto ranks according to market cap are always changing.

All data in this article is from CoinMarketCap.

  1. Bitcoin (BTC) is the gold standard of the cryptocurrency world. It is the original cryptocurrency and was launched in 2009 by Satoshi Nakamoto. As of this writing on 16 July 2018, BTC has a market cap of USD 113.4 billion and daily trading volume of USD 4.8 billion, making it the most ideal cryptocurrency for institutional investment since it has the most liquidity and, therefore, the least slippage when making large trades. Bitcoin tends to lead the markets; when Bitcoin’s price moves up or down, most other cryptocurrencies usually follow.
  2. Ethereum (ETH) has gained massive popularity since it has smart contract technology, which facilitates the creation of a wide spectrum of decentralized apps from games to cryptocurrency exchanges. The development and growth of decentralized apps on Ethereum gives it strong potential to grow long term. ETH has a market cap of USD 47.8 billion and daily trading volume of USD 2.3 billion. It has enough liquidity for institutional investment.
  3. Ripple (XRP) is a platform that facilitates international payments. Although it has the 3rd highest market cap at USD 18.2 billion, it is not favored by cryptocurrency enthusiasts since it cannot be mined, and most of the XRP in existence is controlled by the Ripple Foundation. This makes Ripple very centralized. Its lack of popularity can be seen by its relatively low daily trading volume of USD 200 million.
  4. Bitcoin Cash (BCH) is simply a fork of Bitcoin that branched off in 2017 during a highly controversial debate about block size. Bitcoin implemented Segregated Witness to improve block size while Bitcoin Cash chose to increase block size to 32 mb. Bitcoin Cash claims to be more like cash because of the larger blocks and, therefore, lower transaction fees, but SegWit actually proved to be effective and transaction fees haven’t been a problem for Bitcoin since its implementation. Bitcoin Cash has a market cap of USD 13.2 billion and daily trading volume of USD 500 million.
  5. EOS was the biggest initial coin offering (ICO) in history, raising USD 1 billion over the course of a year. It finally launched its mainnet, but has sparked centralization fears among users since transactions can be reversed by a centralized organization of block producers. It claims to be a better platform than Ethereum for developing decentralized apps, but the centralization issues might negate any advantages. It currently has a market cap of USD 7 billion and daily trading volume of USD 600 million.
  6. Litecoin (LTC) is one of the original cryptocurrencies and was the first to use the Scrypt algorithm. Its popularity is derived from being the gold standard for Scrypt cryptocurrency miners, and currently has a market cap of USD 4.8 billion and daily trading volume of USD 300 million.
  7. Stellar (XLM) is designed for very low fee transactions and is highly scalable. It currently has a market cap of USD 4.3 billion and daily trading volume of USD 5o million.
  8. Cardano (ADA) claims to be an improved version of Ethereum, and claims to be the first blockchain developed from a science and research approach, which is probably debatable. It was developed by Ethereum co-founder Charles Hoskinson. It has a market cap of USD 3.9 billion and daily trading volume of USD 80 million.
  9. IOTA (MIOTA) is a top directed acyclic graph (DAG) cryptocurrency. DAG is different than blockchain since transactions don’t have to be verified by using all previous transactions; only a couple of transactions need to be referenced to verify a transaction. IOTA is useful for the internet of things and databases. It currently has a market cap of USD 3 billion and daily trading volume of USD 40 million.
  10. Tether (USDT) is the leading stable coin and its price per coin is always near USD 1. It is used as an alternative to USD on exchanges when USD is not available. Currently, Tether has a market cap of USD 2.7 billion and daily trading volume of USD 2.4 billion.

 

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Tim Draper: Crypto Market Will See $100 Trillion Cap by 2028

Venture capitalist and Bitcoin bull Tim Draper has predicted that by 2028 the cryptocurrency market will be capped at USD 100 trillion, despite the recent downturns in the market.

Draper has become notorious in the industry for his seemingly outlandish predictions, and this one does not largely differ from this trend. The current market cap stands at just above two hundred eighty billion, meaning that an arguably unprecedented amount of growth would be required to meet his forecast.

His comments came during an interview with the financial news publication The Street, where he also predicted the Bitcoin market alone would account for USD 10 trillion of the aggregate market worth in the same period.

The primary reasoning behind Draper’s comments comes from his belief that the use of fiat currencies is on the decline in lieu of crypto alternatives. He used Litecoin, Bitcoin Cash, and Bitcoin Gold to illustrate his point that cryptocurrencies can surprise investors with exponential growth.

Draper sees that a turning point will arrive in around four years time when he believes people will be able to pay for everyday items with cryptocurrencies. This change he foresees instigated his belief that central banks are on the way to becoming obsolete.

He even suggested that he should tell Federal Reserve employees ”to start looking for a new job.”

For Draper, cryptocurrencies themselves represent a valuable investment. When asked if he would sell his assets should Bitcoin reach USD 250,000 he answered ”Moving from crypto to fiat is like trading shells for gold…It is reverting to the past. I’m thinking long term I’ll use it, spend it, invest it, or just keep it”.

While Draper’s prediction may seem massively ambitious, the cryptocurrency market has exploded in recent years. The value of Bitcoin was just USD 0.008 when it was first developed, increasing 900% in its first five days. Just 8 years later, the value of Bitcoin stands at approximately USD 6,500.

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