Binance is the largest trading exchange of the cryptocurrency market by volume. As an exchange lists coins for traders to trade, some trading platforms distribute tokens as loyalty points for a particular blockchain token holder. Binance on 16th July announced the distribution of Everipedia [IQ]. As observed IQ is currently pumping and experiencing a surge of over 58%.
On 16th July, Binance tweeted:
“#Binance Distributes #IQ
Lingmahesh Chikkmaraiah, a Twitter user commented:
“I have not received my June NPXS that was on Binance why? I had kept the tokens in the walled. Your support system is crap, help me with this. @PundiXLabs @zibin”
Binance to elaborate the distribution announcement, in its blogs, said:
“Binance has completed the distribution of IQ. You can login and check that the tokens have been credited to your account. Please make sure you have not selected “Hide small assets” to see the distributed tokens in your account. “
The distributions of IQ was calculated at a rate of 1 EOS : 5.1 IQ. And it was based on a snapshot of EOS balances at a block height of 5,721,760 at 2018/06/02 09:59:59 AM [UTC].
Binance also mentioned that the withdrawals of these IQ tokens are only applicable after one day.
Lionel_crypto, a crypto-enthusiast said:
“wow no token to pump and dump binance has not started the withdrawals until a day is over. hod it peeps hod the shitcoins”
Everipedia is a new approach towards the old model of an encyclopedia. The platform is ad-free and openly available for everyone to use. It possesses over 6 million articles and is aiming for more. As per the content volume, Everipedia is already the largest English encyclopedia in the world. The company aims to address the critical factors commonly cited for Wikipedia’s downturn in participation, such as deletionism.
On 16th July, Everipedia started its day with the trading price of $0.045, the coin pumped after the announcement made by Binance. At the time of writing, IQ is trading at the price of $0.072. The coin is currently facing a pump of 58.22% and no information regarding its market cap is available on Coinmarketcap.
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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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