Bitcoin Pizza Day refers to the day when Florida’s Laszlo Hanyecz paid a sum of 10,000 BTCs, instead of fiat currency, for two Papa John’s pizzas. The day is remembered not for the transaction, but for the price he paid for the two pizzas.
If you look at the price of Bitcoin today, the BTC that he paid for two pizzas would have amounted to 7 million, at press time. This event is remembered as the first real-time transaction thats used Bitcoin.
Huobi Global, a cryptocurrency trading platform, announced that it would be selling their cryptocurrency at a discount rate to a few traders as part of their ‘Bitcoin Pizza Day’ celebration. The company is also looking at launching Reserve Right Token on their Huobi prime.
There are two special promos to celebrate the Bitcoin Pizza Day event. In the first round, it will sell 20% of the promotional coins at a 50% of the Bitcoin market price. The second round will have the rest 80% of the coins sold at 12% of the market price. Huobi will also host a variety of Bitcoin-related activities and one lucky user will get 1 Bitcoin at the original Pizza day price – $0.03.
Livio Weng, CEO of Huobi, said,
“That although the idea started as a joke, they are excited about the upcoming event.”
Ross Zhang, Head of Marketing, commented that the demand for the cryptocurrency is going to be high therefore, not everyone will get what they want.
Binance also took the opportunity to comment on Bitcoin Pizza day,
9 years ago today the first real-world transaction of #Bitcoin was made & Laszlo Hanyecz cemented his place in history.
No matter how you slice it, 10,000 $BTC for a Pizza or 2🍕 is a lot of dough! 😂
— Binance (@binance) May 22, 2019′
Tron’s Justin Sun has also launched a campaign and has announced a bounty to celebrate the day. Participants will only have to create a unique TRONPizza image. More unique the image, higher the chances to win a bounty of 10,800 TRX.
Participants would require to first retweet the “TRON Pizza Campaign,” and then create a “TRONPizza.” The image should have TRON elements and pizza and should be posted on Facebook and Twitter using the hashtag #TRONPizza.
— Justin Sun (@justinsuntron) May 21, 2019
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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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