Crypto Academy Week 13 - Homework Post for @imagen by @azizulhassan

Assalamu Alaikum everyone I hope that you are doing fine today I am doing another homework for the cricket academy I have learnt so many things from the lecture and now I will try to do my homework and I hope that you find value in it

Explain in your own words, the concept of Dominance in the world of cryptocurrencies

The meaning of dominance in the world of cryptocurrency is very easy a coin with the most market cap will be always dominant on other coins in this case we will take example of Bitcoin so Bitcoin was the first cryptocurrency and at that time the dominance was 100% because it was the only one and slowly slowly with other coins came into the market they also  built a market cap and that is how the dominance of Bitcoin started to lowdown now what happens when a coin  is dominant

When the dominance of Bitcoin increases it affects the market of altcoins the market of earth coinstar to decrease and when the dominance of Bitcoin decreases the dominance of altcoin increases that is the effect of dominance in the cryptocurrency world 

Now if I give you a very simple  explanation of of dominance and it's basically e the total market cap of cryptocurrency which one has more market cap in the cryptocurrency world will be dominant nowadays as we all know that Bitcoin was the first and Bitcoin is the the biggest cryptocurrency that's why it has the  the biggest market cap and that's why Bitcoin is dominant

. What is the dominance of Bitcoin at the time of performing your task? (Present at least 1 graph)

Well to know the dominance of Crypto currency market for a specific coin that you want to know you can go to a website called coinmarketcap which is the most popular website in the cryptocurrency when you open the website you will be able to see on the top where it says Bitcoin dominance just click on that  and then this chat will appear where you can see the percentage of how much  market cap or dominance Bitcoin has

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Right now when I am doing might ask the dominance of  Bitcoin is 47.81% 

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Mention at least 2 times where the market had strong falls, mention several affected currencies. (Use screenshots)

EXAMPLE NUMBER 1

When there was a big fall in the Bitcoin market in the last month April 2021 will the market came down in just few days with the very high number Bitcoin price on 16th April 2021 was 63k and it started coming down On April  23rd 20/21  the Bitcoin price was 51kEducation see that that's a big fall in the price it's almost 12000 US dollar change in the price

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 now let's look at the other currencies which were affected the same week

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Now we look at the market we can see that so many currencies were affected by the price fall of Bitcoin

The most affected coins war litecoin ethereum and xrp

EXAMPLE NUMBER 2

 you now for the second example we will have to go back in time and we will go to March 2020 that was a month when  Bitcoin saw a strong fall in the price and it happened on 6 March 2020  the price at that time was 9.1k US dollar  In just about one week the price was about 5K US dollar on 13th March 2020  so that was a strong fall now we will look at the currencies that were affected by the the price fall of  Bitcoin

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Now where is the list of all the cryptocurrencies which were affected by the price fall of Bitcoin these are the currencies which are dependent or directly or indirectly connected with the price of Bitcoin as you can see that it Ethereum and xrp are the most affected currencies by the Bitcoin price fall

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What is the Altcoin Season?

Let's understand a little bit about altcoin altcoin is all those coins which are not Bitcoin so every coin which is not Bitcoin  is a altcoin  altcoin season is basically when the the performance of all the other coins goes really well in the market I mean the prices Rises and the domination of Bitcoin start to low down and all the other at coin start to gain dominance in the market and increases their market capital

 as you sow in the first question that Bitcoin has lose the 50% domination mark   which means that investors are are choosing altcoins for their Investments and that means that the old coin season is here currently we are in our coin season if we look at the coinmarketcap the top 50 odd coins have increase very  good in value 

And if you want to just look at this in a easy way you can go to a website called blockchain centre  there you as you can see the graphs as that currently we are in an art altcoin season

Give a brief description of at least 2 altcoins that are in the TOP 50.

 Litecoin

When this coin was released after two years of Bitcoin and this is very similar to Bitcoin the basic structure of this coin is very similar to Bitcoin there are some Important differences Now as we know that Bitcoin has a limited supply of 21 million over here the total supply is also limited but its 84 million total coins The block creation time of Bitcoin is more then litecoin in bitcoin only take about 2.5 minutes to create a block We can say that after Bitcoin this is the second cryptocurrency that was available after that many cryptocurrencies came in the market and now it holds a very good position in the cryptocurrency market

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RIPPLES [ xrp ]

Ripple xrp is one of the most popular old coin in the coin market cap it comes under top 10  altcoin This coin was created as a Cross border payment platform And the aim is that different Financial institute can also use this cryptocurrency for their payments Ripple is already connected with many Financial institute and many big countries and it is one of the successful altcoin in the market

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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%)

I will give your recent example of how a news can influence the price of cryptocurrencies recently Elon Musk announced that they won't be taking Bitcoin as a payment for the tesla and he gave some reason in the Twitter tweet  and after that we eat Bitcoins saw a big fail in the price it fail to 50,000 US dollar That is about 17 % deop

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Now the second example I will give you of dogecoin recently Elon Musk has been talking a lot about dogecoin as you can see in that example he tweeted many tweets about dogecoin and because of that the value of dogecoin started to increase it went up to 60 cents in just about 2 days which is a huge deal for dogecoin thats shows us how a news can Influence the price of a cryptocurrency

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Describe one of the following Penny cryptocurrencies:

Shiba Inu, Safeemon, or Eclipse

Safemoon

Safemoon is Binance  smart chain defi project  so basically it's a decentralized finance project now whenever a trader Place a trade in safemoon  three functions which happens in safemode  after that Reflection lp Acquisition And the last  function is burn So whenever a trader place a trade there is a automatic system which will automatically burn some tokens And some tokens are automatically lock in the liquidity pool for a long term Saman project is a very new project it was launched very recently in the month of March 

Safe moon is also trying to come up with the NFT  exchange And they are thinking about so many other things as well like developing educational apps and many things

 if you look at the current market price and capitalisation of this coin as you can see the whole detail in that screenshot from coinmarketcap

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thank you for the class

@imagen

regards

@azizulhassan