Crypto Academy Season Two Week 5 - Homework Task for @imagen

Hello everyone
I am glad today to do my homework task by @imagen, been busy of late, the more reason why I haven't submitted my work yet. But thank God everything is okay now. This week with professor @imagen was a wonderful one, his task is really opening us to the Cryptocurrency market. I am here to make my submissions.

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 question now is, what is dominance, I will explain dominance as a case where one item is compared with another, one of these items will have a bigger value compared to the other. So we can say that one of these is dominating over the over, that is the term dominance. But here in cryptocurrencies, the term dominance means something different. We can basically say that dominance in the crypto world is the total amount of coin in the market in percentages compared to the total cryptocurrencies in the market. This tells us how important these percentage effects are on these coins comparing them to the winter market. So talking about the dominance of Bitcoin, we could say that, it's the amount of Bitcoin present in the market compared to the entire cryptocurrencies in terms of percentages.
Still talking about Bitcoin, currently is said to be the highest dominating cryptocurrency comparing them to Ethereum and that of Binance.

From my investigation, when Bitcoin first came, it was 100% in its market value comparing to the cryptocurrency market because then Bitcoin was the only coin, but as we speaking there are several coins in the market challenging Bitcoin which would not give it a 100% anymore. In the year 2009, we saw it to have a 100% dominance in the market.
As of now, it was exactly 12:30 pm when I was taking this screenshot below to show the current dominance of Bitcoin in the market and I found out that Bitcoin's current dormancy is at 42.20 % with a volume of 682.537B. As at the time I did my assignment. A screenshot below to prove my claim

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

We know that the market drops strongly as time goes by. So during this time the market usually is affected by negative comments. When the market falls, billions of dollars become liquidated as a result of some leveraged trading stations.
This simply means that the nature of cryptocurrencies is not static but volatile, it changes with time and several factors act upon it. Below are times the market had received a very huge fall, backed with screenshots.

As of the latter part of April, We saw that Bitcoin had gone down drastically in its price value from an amount of $64,830 to $47,532 by the 25th of April, where it affected so many other cryptocurrencies like steem, Ethereum, and so many other coins. So basically there was a loss of $17,298 in price value.
Below is a screenshot

Here, Ethereum dropped from $211.52 on July 11, 2017, to $157.36 on July 16, 2017, giving it a market loss of $3,713,599,096

Also considering the SBD, it also fell drastically from $69,405,970 to $46,657,292 making a total loss of $22,748,678

Here is the steem market cap, for steem we all have seen the falls it received just this period of time. As of Apr 17, 2021, steem was $1.29, a market cap of $446,830,815 but dropped to $0.71, a market cap of $284,459,867 making a loss of $162,370,948

XRP fell from a price of $0.21 on March 11, 2020, to $0.14 on March 16, 2020, with a market loss of $2,844,438,853

What is the Altcoin Season?
Before I explain what the altcoin season is, I will first enlighten you on what an altcoin is, altcoin can be said to be cryptocurrencies other than Bitcoin, although they share some characteristics with Bitcoin different, they use their own consensus algorithm to make transactions.

The Altcoin season is all about altcoins being dominated other than Bitcoin. In this case, Bitcoin decrease and that of altcoin increase is said that the time where Bitcoin reaches its peak and falls that is when the altcoin season starts reducing or decreasing the value of Bitcoin,
This in a way increases performance in terms of market value and capitalization. Lastly, altcoin season is said to be so when the top 50 altcoins perform more than 75% of that of Bitcoin.

you can see that the line has gone above the 75% mark giving us an altcoin season.

We are in the altcoin season as you can see below in the screenshot

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

DOGECOIN

Dogecoin was created in the year 2013 by great software developers or engineers Billy Markus and Jackson Palmer, looking at the coin market, dogecoin is the fourth in the coin market cap. This coin was created purposely to meet the expectations in which Bitcoin could not meet. Looking at their block generations, Dogecoin block generation is one minute while that of Bitcoin is about ten minutes, it was not taken seriously at the initial stage of creation.

Coinmarketcap rank: 4th
Dogecoin Price: $0.481
Circulating supply: 129.58B DOGE
Consensus algorithm: Proof-of-work (PoW)
Total Supply: 129,582,999,369
Max Supply: Not stated

ETHEREUM

Ethereum is said to be a decentralized blockchain platform that has its own cryptocurrency which is the Ether. Ethereum serves as a platform where other cryptocurrencies work on and also the execution of smart contracts that are decentralized. Ethereum is the topmost or premier altcoin founded by Vitalik Buterin in the year 2015. It is created purposely to allow smart contracts with cryptocurrencies without their own blockchain. Aside Bitcoin, Ethereum is the second-rated coin in the coin market cap which is said to be a programming language that is able to operate on blockchain

Coinmarketcap rank: 2nd
Ethereum price: $3,818.86
Circulating Supply: 115,864,428.25 ETH
Total Supply: 115,864,428
Max Supply: Not stated
Consensus algorithm: Proof-of-work (PoW)

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%)

1

After Elon Musk tweeted in this post, there was a great shock, the price of dogecoin tripled than its initial stages,

Check the increase in the price of dogecoin

2

When Elon Musk tweeted about buying the Tesla cars with Bitcoin, the chart shows the spike in Bitcoin

look at how Bitcoin increased in the month of March

Bitcoin was at $ 38,903 on February 7, it rose to a price of $ 46,203 when this news came on air

Describe one of the following Penny cryptocurrencies: Shiba Inu, Safeemon, or Eclipse

Safemoon

Safemoon is one of the penny cryptocurrencies due to the nature of the price, the circulating supply in the system is high with its low price tag. This was launched not more than 2 months ago.

It's said to be or operates as a decentralized system with the aim of kicking away intermediary institutions like the banks. John Karony is the CEO of the safemoon and they currently have managed to promote it on some social media platforms like Twitter. The price of safemmon since April 21st rose gradually since it managed to become popular.

Coinmarketcap rank: 2507th
SafeMoon price: 0.0.00000984
Circulating supply: 642,807,441,594,934
SafeMoon blockchain runs on the Binance Smart Chain network.
Total Supply: 1,000,000,000,000,000
Max Supply; not stated

CONCLUSION

I will conclude by giving many thanks to the professor for this wonderful lesson @imagen. This tells us that social media also play a key important role in the world of cryptocurrencies. Thanks for this lecture.