Steemit Crypto Academy Week 13: Homework Post for Crypto professor @imagen | Cryptocurrency Market

Hello, Steemians. I am very happy at this moment to learn at the Steemit crypto academy. I've read some lectures this week and I've come back to learn again from a crypto professor in the person of professor @imagen. The lecture from the professor covers cryptocurrency market and I will be working on the task associated with the lecture.

The concept of dominance in cryptocurrency is a time whereby a particular set of cryptocurrencies does exceedingly greater than the others. The concept of dominance in cryptocurrency always exist between Bitcoin and Altcoins (other crypto except Bitcoin) where Bitcoin does well in the market than Altcoins or a situation whereby Altcoins does well in price movement and market capitalization than Bitcoin bringing the crypto space to the Altcoins Season.

Bitcoin dominance is a moment when Bitcoin does well than other cryptocurrencies taking the larger percentage of the total market capitalization of cryptocurrencies in the crypto space. Some studies showed that, dominance in cryptocurrency in terms of this market capitalization is shown at around 60% upward. For example, if the market capitalization of Bitcoin is around 60% of the overall cryptocurrency market capitalization, then Bitcoin is dominating the moment.

I checked on the dominance of Bitcoin at the present moment is 42.31% as gotten from TradingView chart which means Altcoins are winning at the moment. There is a screenshot below to show the Bitcoin domination in percentage.

The first one I will be talking about is the one that happened this year in February 2021 and the records will be shown below featuring Bitcoin and Ethereum.

There was a strong market falls February 2021 around the days of 22nd upward which affected Bitcoin and Ethereum as shown in the screenshots provided above. Bitcoin dropped from $57,532 to $46,194 on the last day of the month of February and same was the case for Ethereum too, where its value dropped from $1,935 to $1,459 at the end of the month February as well.

The second one I will be talking about is another strong fall that happened in the month of April 2021 and this one took place around 15th of that month. I will be showing it affected Bitcoin and XRP (Ripples).

On the 15th of April 2021 with the screenshots above, there was another strong fall where Bitcoin price dropped in value from $63,075 to $53,857 on the 22th of the same month while XRP (Ripples) also experienced the same where its price dropped from $1.84 on the 18th April 2021 to $1.29 on the 22nd of the same month.

Altcoin season can be defined as a time in the crypto space when other coins other than Bitcoin (e.g Ethereum, Ripples, Litecoin and so on) have dominance over Bitcoin. Remember, Dominance in cryptocurrencies is that moment when Altcoins does well than Bitcoin by market capitalization or vice versa.

Also, the price movement of Altcoins will be doing great than Bitcoin during the Altcoin season and in that way, the top 50 altcoins are always considered in the process of determining the altcoin season. During the altcoin season, altcoins experience a great value increase as compared to Bitcoin.

Ethereum also known as "Ether" token was the first ERC-20 token deployed on the native Ethereum blockchain and it came into existence in the year 2015. Ethereum is a creation of Vitalik Buterin which was aimed at correcting the setbacks of Bitcoin. Ethereum has changed the cryptospace as it gives developers the opportunity to write code on the network, allow dApps interaction which leads to smart contracts for automatic transaction.

The Ether token is on the number 2 ranking by market capitalization just behind Bitcoin. The value of Ether to USD is 3, 817.17 as at the moment of writing my homework with a market cap of $442,339,751,519.65. The special innovation to be acknowledged with Ethereum is the fact that it's a token that brought smart contracts to live in blockchain.

The issuer of Ripples (XRP) has been an existing financial institution that started operation in the year 2005 thereby creating a payment system that is secure for transaction by the members of an online community. In 2011, Ripplespay developed own cryptocurrency which is Ripples (XRP). The aim to which XRP was created is to enable the cryptocurrency to be used for safe and secure transactions online without any charges attracted.

XRP is on the number 7 of market capitalization with a total market capitalization of $46,502,560,516.96 and it's just behind USDT stablecoin that is on the number 6. The screenshot to be uploaded below shows the ranking of XRP by market cap at the moment and its equivalence to USD which is $1.34.

Bitcoin as the first cryptocurrency and the number one of market cap ranking at the moment has been in dominance over time since it came into existence despite competitions from Altcoins. The ending of January 2021 was another great time when the price of Bitcoin skyrocketed and the agent that causes that this time around is Elon Musk, CEO of Tesla motors who somewhat supported Bitcoin as he changed his biography on his official twitter account to #bitcoin and this action has the price of Bitcoin spiked up to 20% (that's massive). Elon Musk tweet screenshot would be shown below.

Recently, pancakeswap.finance added Dogecoin to the pool where users with Dogecoin can stake their Doge assets to earn CAKE tokens (native token of pancakeswap) at 101,513.13% APY.

The APY is a mouth-watering one that made many users rushed up to buy some Dogecoin so as take advantage of such huge APY and the price of Doge rose up to 20%+ in that limited time of announcement. Although, the APY has been modified back to around 100% APY but many users have taken the advantage of the first unbelievable APY.

BNB belongs to the cryptocurrency Exchange known as Binance. Binance normally carry out quarterly coin burn to reduce the total circulation of the coin which usually comes back with an increased value of the asset. The 15th Binance coin burn took place between January to March 2021 which has seen the coin attain the All-Time-High price. See the screenshot of the event below.

Let's see the price history of BNB around March of this year till the moment as there has been a remarkable change in the price of BNB. The screenshots below shows that the burn of BNB has a remarkable effect on the price of the coin.

Safemoon is a penny cryptocurrency that has great potential in the cryptospace and it's a blockchain based digital asset(currency) that was launched in March 2021 and many cryptocurrency users has adopted the new cryptocurrency and its price rise has been consistent since its creation. Safemoon organized a fund raising of $1,000,000 through ICO "Initial Coin Offering" that was completed in the last days of April/May for the purpose of finishing the project on the blockchain. The current price of safemoon is $0.000007812 and it's on number 203 by market capitalization with over 2 million holders as at this time.

Automatic Liquidity Provider: Every holders of the Safemoon token are automatically liquidity provider whereby anytime you interacted with the token (buying/selling), certain percentage of the trade goes into automatic liquidity providing. An example of this is when you try to sell the asset, 10% of the total sale will be committed where 5% will be distributed to the Safemoon holders and 5% added to liquidity. See the screenshot below.

Static Rewards: As an holder, you get to earn from trades made by other traders that are interacting with the Safemoon and in this case you can see your Safemoon asset appreciating subsequently.

A crypto trader should be able to know a few things about the behaviour of any crypto assets at any point in time and this would enable him/her to make a wonderful decision on what type of investment to enter in a cryptocurrency market and what asset is best for that period. I appreciate crypto professor @imagen for the great lecture brought our way.