Coinbase Commerce released a new update that allows the integration of WooCommerce, an e-commerce plugin for WordPress. Other features in the update include functionality to send Bitcoin [BTC] and Litecoin [LTC] directly from the Commerce app.
This comes as a part of Coinbase Commerce’s presentation as a non-custodial payment solution provider with support for cryptocurrencies.
Reportedly, the WooCommerce plugin powers over 28% of all online stores, which makes it a sizeable market entry for Coinbase. These online stores now have access to worldwide payments in cryptocurrencies with Coinbase. In their own words:
“This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”
They have released details of the WooCommerce plugin support on their Github page.
New features have been added to the app that allows users to send Bitcoin and Litecoin from the app, with the team “working hard” on doing the same for Ethereum [ETH] and Bitcoin Cash [BCH].
Commerce is also releasing a Python library for its API, with additional libraries under construction for Node.js, Ruby and PHP. This is in line with their intention to increase adoption of cryptocurrencies in an accessible manner.
They ended their announcement with reassurances to the users that all payments made through the platform are peer-to-peer, which results in a wallet-to-wallet payment. This, they state, allows merchants to not pay fees to accept a transaction and gives them “complete control” over their funds.
Elias Yami, a cryptocurrency analyst, stated on the move:
“The Coinbase Commerce app allows for a two-fold strategy implementation for the service. Added support for users to integrate cryptocurrencies with existing payment solutions will not only increase adoption but also ensure it occurs through Coinbase Commerce. Moreover, the increasing occurrence of Coinbase’s name in US markets will drive adoption further.”
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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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