Steemit Crypto Academy Week 13 - Homework Post for @imagen | by @mandate

DOMINANCE

Dominance can be defined as an act of supremacy or the act of having power and authority over several other things. This happens in every part of the world and also in cryptocurrency world.

There are certain coin which has dominance or exerts power on other coin, they always influence the rate at which coin rises or fall.

When there is a tremendous fall or rise in the dominance coin it always affects other coin. Examples of this coin are Bitcoin with around 42.83% Dominace while Etheruem is 18.83%, Binance is 4.15% and Doge coin with 2.80%. Bitcoin dominance drop from 100% over the past years to 50% due to the development of other coin. The other coin shares the dominance because they agree for tokens to be built on their block chain which means when the native token of those block chain rises or falls it affects the other coin as well.

BTC - purple
ETH- green
BNB- Red
TRON- yellow

Also BTC still has Dominion over every coin, as at today it is seen that the dominance of BTC over ETH is very high compared followed by Binance and Tron.

2 times where the market had strong falls and several affected currencies
The first recent tremendous fall in the market was on April 25th. Almost all thee market went down and it was a big blow on a lot of traders face.

There were different speculations at this time as to maybe Bitcoin could ever rise again. Here are screenshots of the fall in price of various coin as an effect to fall in BTC.

The price of Bitcoin fell from $64,479 to a price of $49,289 which affected many more coin.

There was a fall in ripple during this period from a price of $1.85 to a price of $1.06. Also binace fell from $565 to $463 at this period.

Another example is Tron which fell from $0.17 to $0.1

As at the day of this write up 11th of may 2021. There is a drop in prices of alot of coin due to drop in Bitcoin. Below are screenshots of the market.

From the screenshots above we can see that most coun are dipping along with Bitcoin. The ones who aren't are more of stable coins.

What is the Altcoin Season?

To know what altcoin season is we need to know what an altcoin is. An altcoin is every other coin apart from Bitcoin most especially those that are ranked between the first 30 to 100 on the coin ranking chart., they have similarities with Bitcoin but have a different model of operations like blockchains, token supply and mining rate.

So altcoin season is the period where there is a rise in all other coin except Bitcoin. Below is a screenshot of alt season on the last 30 days

Looking at this screenshot it can be seen that the last 30 days is the alt season. There is increase in price in all other coin than Bitcoin which is declining in price.
Brief description of altcoins that are in the TOP 50.

We will be looking at the top 3 altcoins which are Etheruem(ETH), Binance (BNB), and Ripple (XRP).

ETHEREUM

This token is also known as Ether which is a native token of the block chain Ethereum. This token comes 2nd in the rank of all tokens and it's one of the most popular crypto in the world, it was lunched in 2015.

The statistics are:

Market cap - $457,002,025,000
Volume (24h) - $64,812,810,000
Circulating supply- 115,827,312 ETH
Total supply- 115,827,312 ETH
All Time high- $4197
All time low- $0.4209
Market dominance -18.83%
Current price - $3955

BINANCE(Bnb)

This token is a fast rising token that was launched August 2017. It is a token built under the binance blockchain used a fuel for it, it's currently ranked as #3 in the List of tokens .

Below are the statistics

Market cap - $100,524,103,405
Volume (24h) - $5,435,715,411
Circulating supply- 153,432,897 BNB
Total supply- 169,827,312 BNB
All Time high- $690.93
All time low- $0.09611
Market dominance -4.15%
Current price - $669

DOGECOIN

This token was created by Billy Markus and 2as forked from litecoin in December 2013. It has a dominance of 2.80%. this coin became quite popular when Elon musk tweeted about it and said it's the best coin he has, it has grown to be ranked as #4 on the crypto chart.

The statistics are

Market cap - $67,805,281,598
Volume (24h) - $20,036,188,807
Circulating supply- 129,545,137,245 DOGE
Total supply- 129,545,137,245 DOGE
All Time high- $0.7376
All time low- $0.00008
Current price - $0.5262

Most times news get to influence the price of cryptocurrencies both in positive ways and negative ways. Below are some examples of such incident.

FREECOIN

There was a news about freecoin burning some of its token. This news brought about the rise in price of freecoin for somedays.

There was a rise in the price from $0.000009 to $0.00002711 after the burn.

SAFEMOON

There was a rug pull news on safemoon around April 19/20 which caused a great fall in the price of safemoon. A Twitter account called waronrugpull tweeted about safemoon been a scam which caused alot of reactions on Twitter, which affected the price.

ICP
After the announcement that Binance will be listing this token rose from $304 to over $3000 dollars.

Shiba Inu

This token is known as a shit /penny token or meme coin. The initiative of this token was due to the fact that SHIBAs constantly forgets where they bury their treasure and this is the basics the founder used in building the token.

It is ranked #17 on the coinmarketcap ranking and was launched in August 2020. The coin was built on the Erc block chain. 50% of the total supply was locked to Uniswap and the key was thrown away as said by the team.

Statistics
Current price - $0.000032 USD
Trading volume - $14,652,543,175USD
Market cap - $12,462,652,371 USD
Circulating supply - 394,796,000,000,000 SHIB

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@imagen

Written by @mandate

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