According to a recent post on Reddit, there were claims of Monero [XMR] being delisted from major cryptocurrency exchanges. This was after the community members witnessed that the XMR wallets on Poloniex, Bittrex, Cryptopia, and XMR.to were not functioning.
Cryptopia, an exchange platform officially stated on their website that the XMR wallet was placed in maintenance from 24th September. They further added that the actions were taken as per the request of the Coin Developer. Bittrex had also reported the same and stated that they are still waiting for more information from the coin development team.
In a recent post on Reddit, the developers have denied their involvement with the current problem. They further stated that the most reputable or biggest exchanges have not yet suspended Monero. Exchanges like Kraken, Binance, Bithumb, and HitBTC can still be used to trade XMR.
According to the post, the Monero coin developers were busy preparing the next big release of v0.13. The development team also stated that they were not going to waste time addressing the fake controversy. Monero developers have stated in chat rooms that the problem is “not due to a bug/issue… at least not one known by anyone here.”
Monero had recently released a report about the multiple counting bugs. According to the report, the bug was used to exploit services, merchants and exchanges. The developers had clarified that the multiple counting bug was recently fixed and the bug was not the reason for the existing issue.
Fort3hlulz, a cryptocurrency evangelist posted on reddit:
“Thanks for posting this! People are freaking out over nothing…… The biggest exchanges are still open, XMR.to is down for other non-XMR issues, and there have been no bug announcements etc”
Vespco posted on Reddit:
“Could this be a social engineering attack to manipulate the price? Anyway someone has a valid looking email that might be messaging exchanges claiming there is a bug?”
Intj440, an enthusiastic Redditor stated:
“Prompted by this FUD, earlier today I sent inquires to three OTC exchanges (DV Chain, Circle Trade, and Cumberland Mining) and all 3 verified that business is open as usual for XMR.”
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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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