Thank you @imagen for the lesson and Home Work Task.

Dominance

Dominance in cryptocurrency is the superiority of a cryptocurrency base on it market capitalization over other cryptocurrency. The higher the market capitalization of a cryptocurrency, the higher the dominance.

Bitcoin coin is the dominant cryptocurrency in the world, it has the largest market value which is worth $1 trillion and this value keeps on increasing and its predicted within the next five years, bitcoin will reach 5 trillion market cap. The reason for this dominance is that bitcoin was the first cryptocurrency in the whole world and it was created 12 years ago by satoshi Nakamoto and there has been a lot of growth in the value of this cryptocurrency also it has become a legal means of payment in some countries and companies so it's widely accepted. Over the recent years other cryptocurrencies have been invented and have been in circulation, these currency are known as altcoins and some of them are, stellar coin, ethreum, litecoin , tron, etc. These altcoin have affected the dominance or value of bitcoin over the years cause they are like a substitute for bitcoin and bitcoin largest contender which is ethereum is growing at a very fast rate with a present market value worth of $470 billion. The current dominance of bitcoin is 42.7 percent while that of ethereum is 19 percent.

The value of many altcoin is connected to bitcoin, anytime there is movement in the chart of bitcoin, the chart of other altcoin moves and some times the changes in price of bitcoin brings no change to price of altcoin. A recent example is the fall in price of cryptocurrencies that happend last month which is april 2021.

On April 14, the price of bitcoin was at $63,000 but after one week which is between april 21 to April 24, the price fell greatly back to $49000 which is one of the biggest fall of bitcoin in 2021, the price is still below $60000 currently. Below is the price chart from march till may.

Source

During this period (April to may) the price of ethereum was also affected for example on April 14 which was the day btc skyrocketed, ethereum also increased and eth was sold at $2500 which was one of it peak but after that there has been drop in the price until April 25 before the price increased again and currently ethreum is at it peak and it's now sold at almost $4000

The other crypto affected are cardano, ripple, litecoin, chainlink, binance coin.

Another example was when bitcoin dropped from $42000 to $32000 in early January, this was one of biggest drop of bitcoin then.

Altcoin season is the period of time where top cryptocurrency apart from bitcoin start experiencing great and fast rise in value. During this period, bitcoin loses some of its dominace to the top 50 altcoins. Currently we're in altcoin season base on the chart below:

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The chart above is base on the past 90 days performance of all cryptocurrency and we can see that the altcoins are winning.

The images below is the market cap and the price of the top 50 altcoin:

Litecoin: Litecoin is a well known cryptocurrency and it is the second altcoin after namecoin. It is a peer to peer cryptocurrency and non- proprietary software project created on October 7 through a open source software by Charlie lee, it is like a online payment system where users can transfer digital currency between each other using the LTC which is the native currency of litecoin. The Users are responsible mining and they are paid for their efforts. It is the 8th largest altcoin base on market capitalization which is worth $18 billion and a unit of bitcoin is sold at $273.

Ethereum: Ethreum is a popular cryptocurrency in the crypto world due to it growth over the years. Vitalik Buterin was the one who created ethereum. Ethreum provides a smart contract functionality and dapp where users can transact with each other without the involvement of third party. It is the largest altcoin in the world with a market cap of over $410 billion and this value is predicted to reach a trillion within the next 2 years. The native currency of the the ethereum is known as eth and a unit of eth is sold at almost $4000.

The media have a great influence over the fall and rise of cryptocurrency value, some times it might be a positive influence or a negative influence for example:

Binance announce on media platform anytime they are planning to burn bnb and they are planning to burn over 100 million units. Burning is simply the act of removing a cryptocurrency from circulation so the wanted to reduce the bnb in circulation so they burned. When people hear about this, they rush to go get some and this increase the demand and value of the bnb so this is a positive influence of media and below is a chart showing the quarterly burn of bnb and it growth after

Source

Let's look at ethreum also, when it was announced that ethreum 2.0 which is like an upgrade of ethereum will be introduced soon, the demand for ethreum increased alot due to the information.

Tron was affected negatively by news influence, when top employees left the company and also sued them, this made people doubt the relability of tron and this made the price fall.

Safemoon is new to crypto market but it is growing at a very fast rate. It is a blockchain based cryptocurrency. Safemoon is new and its searching for more investors who can invest so the price can grow quickly, they give high tax to people who are trying to sell their token like 10% of the fee and give 5% of this fee to other holders so as to reward them. Safemoon was first sold at 0.0000001$ per unit but currently it is sold at 0.0000024$. Currently you can make any purchase with the coin but it is a good investment

Thank you for reading my post.

Cc: @steemcurator02