Crypto Academy Week 13 - Homework Post for @imagen

Good day steemians, I hope you are all having a wonderful day, I am @kelechisamuel and this is my homework post for@imagen

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1. Explain in your own words, the concept of Dominance in the world of cryptocurrencies. What is the dominance of Bitcoin at the time of performing your task? (Present at least 1 graph)

The concept,dominance basically depicts a noun from from the verb dominate meaning to take major change or control over a particular area of interest .This depicts the ability of a thing or person to be absolute in activities.

Dominance in the world of crypto currencies could be seen as the measure of a crypto's composition in relation to the total crypto market cap . Better said we could explain it to be a ratio of the dominating coin to the entire market capitalization net .We understand that this dominance's measure is aimed at the checking the ability of the crypto controlling Altcoins trends by its trend.

Dominance of Bitcoin
The dominance of Bitcoin fell drastically from April 2018 from 100% ever since the innovation of altcoins

The dominance of Bitcoin right now is about 41.4% .I derived this from the graph prediction According to trading view Which is a huge bottoming for bitcoin as investors are diversifying in ether and altcoins

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

For this question, I will be using Bitcoin to illustrate 2 significant strong falls and some affected currencies

a. Bitcoin experienced a strong fall in the first week of January 2021 like we see in the images below and there was a responsive fall too in Ethereum and ripple as we see in the images too

Ai. The chart of Bitcoin fall in January

After an increase in December 2020, Bitcoin fell so we'll in January

Aii. The chart of ethereum corresponding fall

We can also see in the same January, there was a corresponding fall of ethereum

Aiii. Corresponding fall of Ripple
Also ripple was also affected by the fall in Bitcoin within that period

B. Bitcoin experienced another fall during the July ending as we see in the image and the resultant effects were the dropping of Litecoin and ripple too

Bi. Chart of Bitcoin fall in July

We can see the fall of Bitcoin in July 2020 from the chart below

Bii. Chart of Litecoin corresponding fall

In the same period, there was a corresponding fall in litecoin as seen below

Biii. Chart of Ripple corresponding fall

In the same period there was a corresponding fall in ripple

3. What is the Altcoin Season?

The Altcoin Season :
Bitcoin is considered the king of coins and is expected always to have more bullish trends than others especially for its volatile nature ,but sometimes Altcoins ,tend to enjoy bullish seasons than Bitcoin and whenever this happens it is seen as the Altcoins season

The Altcoin Season therefore could be defined as a period of time when Altcoins get more bullish than Bitcoin this is more so easily possible when Bitcoin becomes very bearish and drops so much in worth .Therefore we can deduce that the performance of Altcoins over a particular period maybe about 75% of them performing well , we can call it the Altcoin Season.

Finally we understand this is a notion that shows Bitcoin profits being paused for other coins to fund the Altcoin profit sector meaning that money flows into Altcoins far more than it flows into Bitcoin .We could see an example of this Altcoin season when Bitcoin experienced a volatile fall while Ripple gained in profits
This period becomes a benefit time for the Altcoin holders since mostly Bitcoin is too expensive for traders to buy.

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

Two Altcoins in the Top Fifty are ;

RIPPLE

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The utility token , Ripple could explained as a currency exchange and an open source remittance network responsible for ingress to seamless transfer of money in anyforeign currency, be it National currencies like Pound Sterling ,Euros ,or even crypto coins too like Bitcoin or Litecoin
In pursue of more light on this system ,we could consider a monetary transfer system where the actual transaction owners on the ends do not prefer to use their middle men unlike other crypto like Bitcoin ..
Ripple uses a medium known as gateway to serve as a link in the trust chain between the two parties wanting to make the transaction and receives and sends currencies to public addresses over the Ripple network

Tether

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The tether could be seen as a strong stable coin in the blockchain ie it isn't a volatile coin .This even brought fake claims that it was backed up by the US dollar .
This is a crypto that has its blockchain established on crypto coins having the back up of traditional currencies or legal tenders .It's stable quality makes it a standard measure of value .It could be seen as way of connection between crypto currencies and fiat currencies to offer stable value of the coins

5. 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%)

Relevant news can affect the prices of Crypto assets since one of the fundamental analysis for making trades ie buy or sell positions are news trends. Every trader knows and understands news that can bring rise or fall in Bitcoin prices for example in the picture below we see where elon musk announces the ability to buy Tesla with a Bitcoin leading to a very bullish trend in the market after the incident

Another instance can be seen in the ripple law -suit news that was intense during the year end of 2020 and just after the news spread , prices fell. And atJanuary then prices got high once again like we can see in the pictures below

Finally we can also talk about the doge coin incident news where news were spread about Elon Musk buying 180,000 dollars worth of doge çoin increasing it's price very high in a space of weeks ..like we see in the picture below

6. Describe one of the following Penny cryptocurrencies:

Safeemoon ;

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The safeemoon crypto is noted to a particular feature which remains it's ability to bring better gains to users of the token rather than even users of the crypto currency it's self .This system is more of an ambition to develop more of NFTs including the fact that the tokens users are superior in profit making to the trader since there are penalty task fees imposed on trades and shared back to original holders
The token have created heavy bullish trends recently but doesn't give an all go ahead order in its purchase since it's certainty isn't valid

CONCLUSION

It was a beautiful lecture and getting to learn about dominance was cool and it was great to also learn about the altcoin seasons and the safemoon as well
Thanks @imagen for the impactful lecture

Cc
@imagen