Bittrex, one of the leading cryptocurrency exchange platform recently announced on Twitter that they have successfully launched the USD markets for Tron [TRX] and Litecoin [LTC]. Last week, the exchange platform made the announcement of listing the coins on their platform.
Bitterx’s announcement on Twitter:
“Launch Update: TRON (TRX) and Litecoin (LTC) have been added to USD (Fiat) markets. Eligible
#Bittrex accounts created before September 4 are enabled for trading.”
The listing of Tron on the exchange platform marks as the first USD market for TRX in the United States. To this, Justin Sun, the CEO and Founder of Tron Foundation said:
#TRX already can be traded on @BittrexExchange, $USD markets, $USD/ $TRX. First #TRX fiat trading pair in US. Go #TRON. Go #TRONICS. #TRON to the future.”
The main aim of launching USD markets was in order to eliminate the dominance and influence of one cryptocurrency over the rest of the market. In addition, the exchange platform also considers this as a step forward for the adoption of blockchain technology.
Currently, Bittrex has an overall of 10 cryptocurrencies with USD pairs available for trading on their platform. This includes Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], XRP, Tether [USDT], TrueUSD [TUSD], Ethereum Classic [ETC], ZCash [ZEC], Litecoin [LTC] and Tron [TRX].
The platform, at first, opened USD markets for XRP and Ethereum Classic. Succeeding which, the exchange platform launched USD pairs for Cardano [ADA] and ZCash.
During the initial announcement of the launch of USD markets, the exchange platform said that the pairs will be available for customers using their corporate and personal accounts. However, this service is available for customers only from California, Washington State, Montana and international customers who are qualified to participate in the market.
Moreover, customers are required to fill out a form and get approved by the exchange platform to start availing the service. The customers are also given two options to participate in the USD markets. This includes ‘USD trading only’ and ‘USD trading, deposits, and withdrawals’.
By opting for the USD trading only service, customers will have access to only trade in the USD market along with their respective coins on the platform. Whereas, by opting for the USD trading, deposit and withdrawals service, customers will have access to all the trading services in the USD market for their respective coins. If a user wishes to convert from ‘Trade Only Service’ to ‘USD Trading, Deposit and Withdrawal’ service, they can do so by submitting a fiat trading form to the platform.
According to CoinMarketCap, at press time, Tron [TRX] was trading at $0.018 with a market cap of $1.22 billion and plunged by more than 6% in the past 24 hours in the market.
Litecoin [LTC] was trading at $51 with a market cap of $3.02 billion and has plunged by more than 9% in the past 24 hours in the market.
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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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