With Bitcoin surging over $6,000 and only days later, on the verge of breaking the $7,000 mark, the bulls of previous year’s rallies have been re-awakened. On the back of this massive rally, the collective market capitalization skyrocketed over $200 billion for the first time in almost six months.
Just last week, the top cryptocurrency broke through the $100 billion market cap ceiling for the first time since November 2018, leading to a dissipation of bearish swings and corrections and FOMO settling in. With $6,000 on the horizon, many analysts pegged Bitcoin to face stiff resistance at $5,800 and at $6,300, but the crypto managed to surge above the levels and is poised for a $7,000 ascendance soon.
The collective market began the week at a $20 billion disparity against the $200 billion milestone, but with the top coin’s incredible movements, the ceiling was broken at around 0500 UTC on 11 May. The notable incline, which took the market cap over the line, began at 1700 UTC on the previous day and in less than 12 hours, the coin added over $10 billion to the market cap to help it reach $202.79 billion.
Bitcoin has seen its dominance surge in correlation to its price, not just with the recent price rally, but since the April ascendance began. On April 2, when the first inkling of the bull-run surfaced, with Bitcoin exhibiting a daily gain of over 17 percent and rising above $5,000, the market dominance of the cryptocurrency rose from being on the brink of falling below 50 percent to 52.3 percent within days.
Following the early-April rise, when Bitcoin broke the $5,500 mark on April 23, the market dominance rose to 54.5 percent and by the end of the first week of May, Bitcoin’s hold on the market was over 55.5 percent. Beginning Tuesday, May 7, the market share saw an upward rally, rising from 55.3 percent to 59.2 percent, at press time.
Interestingly, the last time Bitcoin had such massive dominance in the collective market was in December 2017, prior to the CME and CBOE release of Bitcoin Futures contract, which triggered the bull-run. Peaking at 65.63 percent market majority on December 8, 2017, BTC dominance began to fall, plummeting to 32.6 percent in January 2018 and breaking majority only in August. Since then, the top cryptocurrency has consistently held over 50 percent of the market, with the recent dominance its highest in over 14 months.
Many analysts expect altcoins to be buoyed by this BTC bullish swing, chiming in with massive price increases, but not budging the king coin’s market share.
Jonathan Habicht, the founder of Blockfyre, stated:
“If BTC keeps going up, I think at some point $ALTS will explode like they did in late 2017. Sucks having such a high exposure to alts in the meantime, but it’ll pay off.”
However, on the flipside, some analysts expect this to be a death knell for altcoins. Josh Rager, a cryptocurrency trader and an Advisory Team member of Level Invest and Token Bacon, stated:
“If it continues to push up, Bitcoin dominance will hit highs not seen since Dec 2017
And if you don’t know what this means….. it means your alt coins are dead inside.”
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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