Thanks to professor @imagen for the well-explained class the lecture was very clear here I will be completing my task by answering the given task question thanks to @steemitblog for such initiative.

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

What is dominance in the crypto market

Understanding the crypto market will require either a trader or an investor to make research on some key important terms that will make them succeed in the crypto space.

Market dominance is very important for traders and investors so they can easily keep track record of how the market is responding to trading stimulus such as knowing the total market capitalization of all cryptocurrency in the market keep track of which crypto coins will likely bull or bear in the market.

In general terms, crypto market dominance is the total market capitalization, supply, trading volume of all crypto assets in the market.

what is the Bitcoin dominance

Since the Bitcoin market has the highest market capitalization with over 1 trillion dollars other markets altcoin will depend on Bitcoin for measuring their market cap.

Bitcoin dominance is a measure of the total market capitalization of how much other cryptocurrencies comprise Bitcoin's total market cap.

BTC Dominance = Bitcoin Market Capitalization / Total Market Capitalization

Above is the formula used for calculating BTC dominance.

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At the time of writing this post, the current BTC dominance was 44.99%

importance of bitcoin dominance

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Since the altcoin movement is determined by BTC dominance it can be used by traders to stay aware of market movement for example when there is an increase in bitcoin dominance another altcoin decrease in value also a decrease in Bitcoin dominance means an increase in an altcoin.

Currently, we have noticed a decrease in BTC dominance which is below 50% and the market has been experiencing an increase in altcoin lately.

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

On 10/5/2021 there happen to be much market correlation that affected BTC dominance that leads to a decrease in BTC dominance.

This affected the price of BTC also and other altcoins, Bitcoin dropped from $58000 to $53000.

On April 26 2021 another bear market occurred leading to a sharp drop in BTC from $60000 to below $48000 which was up to a 20% decrease.

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Below are screenshots of some affected altcoins.

What is the Altcoin Season?

From the BTC dominance index, it was shown that a decrease in BTC.D can lead to an increase in altcoin.

In the crypto market, altcoin season is likely to start occurring when more investors and traders begin to withdraw their assets that were invested in BTC and start using that withdrawn asset to invest in buying another altcoin other than BTC.

BTC in early February 2017, with Bitcoin dominance declining from a peak of 86.5% to 38% by mid-June 2017. Over that period ETH gained from 5.92% to 31% while XRP soared from 0.96% to 9.8%.
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It can therefore be shown that a rapid decrease in bitcoin dominance can lead to the beginning of altcoin season.

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

Ethereum

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Above is the current price of ethereum ranking among the top 5 crypto asset by both market cap and daily trading volume the coin has recently experienced a massive increase in price with makes it one of the top trading markets altcoins it has a market capitalization of $463.6 billion with a trading volume of $83.32 billion.
It offers incredible features in the crypto community as a smart contract hosting platform and supports a lot of DeFi integrated systems, it has a current price of $4000 per ethereum at the time of writing this post.

BNB

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Ranked #3 in the crypto market with a price of $664 per bnb its a cryptocurrency backed by binance exchange one of the top leading crypto exchange platforms it has a market trading volume of over $5billion, bnb serves as a smart chain used by another crypto platform to host and operate a well secure blockchain.

How relevant news can influence the price of cryptocurrencies positively or negatively? Mention at least 3 examples. (Use screenshots) (Example: SENSO announced a 70% token burn, in one week the price increased more than 100%).

With influential investors like Elon musk in the crypto space, we have seen some significant movement in some low-market altcoins like dogecoin.

With important announcements or news from such investors, a coin can moon with some good increase in percentage, also exchange like binance coinbase play a major role in the growth of some coin when they either announce the listing of those coins.

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Binance announced the listing of some coins

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Elon musk and dogecoin

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Micro strategy and bitcoin

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Eclipse

ECP is ranked #2718 in the crypto market although the coin is yet to be known by lots of investors it has a 24hr trading volume of over $1.8 million currently no market dominance data or capitalization is recorded yet which make eclipse token at an infant stage It has a current price of $0.00000007 per ECP.

It is a bsc token which is a binance smart chain utility token, pancakeswap is the only available exchange where users can buy and swap ECP tokens.