The addition of cryptocurrencies on exchanges has been seen as a mark of adoption in the industry and the latest update regarding Basic Attention Token [BAT] has worked in that regard. Recently, Declan, Community Manager at Bitpanda, revealed that BAT was joining the organization’s roster. The tweet read,
“Your time has [email protected] and @BAT_Community
Welcome to the @Bitpanda family!The addition of BAT makes:
– 27 cryptocurrency pairs and 4 FIAT pairs
– 12 pay in/out options
– A ton of innovative features that make trading as smooth as it should be in 2019”
A major feature that was talked about by the retail broker for digital assets was Bitpanda Savings, a feature that allows users to set up recurring, automatic buys for their respective BAT tokens or any of the already existing 28 cryptocurrencies. Bitpanda’s website explained Bitpanda Savings as,
“Once a savings plan has been created, it automatically buys at the set time. You don’t have to think about it anymore and can buy Bitcoin, Ethereum, gold and more over a longer time period.”
Another feature that was opened up to BAT holders was Bitpanda Swap, which according to the platform, will allow users to convert any asset to BAT instantly. BAT holders had another reason to celebrate as Bitpanda was explicit in stating that there was no upper limit to the number of swaps that could be conducted.
Basic Attention Token has grabbed a lot of headlines recently, with multiple partnerships and mainstream features spearheading its growing popularity. The latest news was that the BAT-powered Brave browser was testing a new tipping feature to help content creators grow. Brave had tweeted,
“For users of our Nightly desktop version, we’re testing a new feature for tipping tweets with Brave Rewards. Tips are sent instantly for those verified via creators.brave.com (tips to unverified users are held in your browser). Feedback welcome via community.brave.com.”
The upcoming feature will allow people to “tip a tweet,” where users will be able to reward others for good content.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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