On 3rd August, Ethereum Classic [ETC] posted a blog on Twitter summarizing the developments that the blockchain-based platform made in the month of July. The blog covered updates related to additions made to the core team, project developments at hand and other community-related progress.
The Ethereum Classic Development Team stated that they had three new additions to their core team. Brooke Evans joined the Human Resources division and Donald McIntyre was welcomed to the Business Development section. Mike Lubinets was added to the team as Rust Developer.
July was the month of the release of two ongoing projects for the development team. Under the Classic Geth project, the team made public the Geth release v5.5.0.
The development team, regarding their release, said:
The Emerald-Js release v0.1.6 that was made public by the team in July is an update of the Emerald-Js project that falls under the Emerald Platform improvements.
As a community development initiative, the Founder and CTO of the ETCDEV [Ethereum Classic Development] Team, Igor Artamonov was in conversation with Christian Seberino. The two conversed on Seberino’s YouTube channel about all things Ethereum Classic and the growth and development it has seen since the past 2 years.
The team also visited the city of Kraków in Poland and had profound discussions about decentralized computing solutions and how ETCDEV can contribute in more ways to the Ethereum community at large. ETCDEV further made an announcement regarding their visit to Forklog, a cryptocurrency coworking space as well as an incubator.
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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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