Binance, the largest cryptocurrency exchange by trade volume has invested in an Australian cryptocurrency startup, TravelbyBit. According to a report published by Business Insider, the exchange has invested $2.5 million in the startup.
TravelbyBit’s posted on Twitter:
“Together TravelbyBit and Binance will take crypto adoption to the next level~! “Growth is never by mere chance, it is the result of forces working together. Thank you for the support
@danielalexiuc @SatoshiLite @weizhouBinance @cz_binance .”
TravelbyBit is a Queensland-based startup that focuses mainly on the Travel and Tourism industry and acts as a mediator between merchants and customers. Travelers can book services using TravelbyBit’s cryptocurrency payment options.
Through this strategic partnership, Binance and TravelbyBit plan on creating a blockchain powered Point-of-Sale [POS] payment system across all major airports around the world.
CEO of Binance Exchange, Changpeng Zhao stated that there is no better use of cryptocurrencies than travelers using it right after landing in a foreign nation.
He further stated:
“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there.”
At present, TravelbyBit offers major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] as an option for payment. In the coming days, the company will integrate Binance Coin [BNB] as an option for payment.
In a statement, after the announcement of the partnership between TravlebyBit and Binance, Queensland Minister for Innovation and Tourism, Kate Jones said:
“It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem.”
Sean G, a cryptocurrency enthusiast said:
“It’s going next level right now. Next stop basement.”
Bitcoin People, another Twitterati said:
“Congratulations TravelbyBit, the work you do is truly inspirational!”
Earlier this year, the company bagged a partnership with the Brisbane International Airport, the first cryptocurrency friendly airport to allow travelers to pay through digital currencies in the airport’s stores, kiosks, bars, and restaurants.
Recently, the state government of Queensland announced the grant of over $5.9 million to 70 domestic companies, out of which TravelbyBit was one among them. The government reasoned this to be a beneficial one to the Travel and Tourism industry of Australia.
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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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