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Monday, 29 March 2021

When ‘alt season?’ Now, says analyst as Bitcoin dominance hits 6-month low

Bitcoin (BTC) now accounts for less than 60% of the total cryptocurrency market capitalization, heralding the arrival of “alt season 2.0.”

In a tweet on March 29, analyst Filbfilb, co-founder of trading suite Decentrader, announced that conditions were finally right for a fresh altcoin surge as their total market capitalization is hitting new highs of nearly $750 billion.

*Altcoin market capitalization. Source: CoinMarketCap*

Bitcoin dominance at its lowest since October 2020

Highlighting the current BTC/USD spot price, the combined altcoin market cap in U.S. dollars and Bitcoin’s market cap dominance, Filbfilb summarized the market in what will be music to the ears of altcoin traders everywhere.

“Alt szn,” he commented, conjuring a common nickname for the phenomenon of altcoins rising when Bitcoin cools or consolidates after a price surge of its own.

“Alt season” has been a full three years in the making. As Cointelegraph reported, expectations of a broad altcoin resurgence have long been high but ultimately left unfulfilled.

Now, however, with Bitcoin consolidating after hitting all-time highs of $61,700, circumstances appear to have played into traders’ hands.

At the time of writing, Bitcoin’s market cap dominance was 59.4%, its lowest since late October 2020.

*Cryptocurrency market cap dominance chart. Source: CoinMarketCap*

The latest catalyst is arguably Visa, which on Monday announced that it would support stablecoin USD Coin (USDC) for settlement, thus leveraging the Ethereum blockchain. ETH/USD saw a modest 4.8% uptick in response, with the market cap share of Ether (ETH), the largest altcoin, still in decline versus January.

Zooming out, the foundations are nonetheless being laid for what Cointelegraph analyst Michaël van de Poppe expects will be a “very bullish” summer for altcoins, particularly as the market capitalization has been breaking new highs, nearing $750 billion.

“Ethereum is going to surprise everyone massively,” he

wrote about the Visa decision.

Previous price forecasts for ETH/USD have included $5,000 and even $10,000 as a mid-term estimate.

“Altcoins look great,” fellow analyst Scott Melker added.

“Bottom in” for BTC?

For Bitcoin, meanwhile, signs of a bullish comeback remained muted Monday after markets hit the buffers at February’s all-time highs of $58,300.

Intraday activity was nonetheless strong, with the pair up by over 4% in the past 24 hours.

Among market participants, talk thus turned to whether last week’s bounce off $50,000 represented a definitive price floor in the ongoing consolidation period.

“It could very well be that the BTC bottom is in,” popular Twitter account Rekt Capital estimated on Monday.

“If this is indeed the case, then this means that $BTC bottomed after a two-week retrace for the second time this year. Average Bitcoin retrace in 2017 was ~16 days.”

*BTC/USD retracement chart. Source: Rekt Capital/Twitter*

As of publication time, BTC/USD circled $58,000, showing resilience in what is the start of its final resistance block before entering uncharted price territory once again.

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source https://cryptonews.wealthsharingsystems.com/2021/03/when-alt-season-now-says-analyst-as-bitcoin-dominance-hits-6-month-low/

Solar God Slot from Synot • This Week in Gambling

March 29, 2021

The Solar God slot is a 6 reel game with 30 paylines that comes with Bonus Spins and a Bonus Round. There are both wild and scatter symbols and a gamble feature. Solar God will test players worthiness as they spin their way to riches.

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Let the Scarab be your starting material for your golden ray of winnings! He will guide you through the enjoyment of this game. The Bonus pyramid with the help of the Scarab will bring you many Free Spins.

Solar God comes with Wild, Bonus and Scarab symbols which enhance the basic game play. The reels are shiny, bright and golden… enchanting players to enjoy the Pharaohs company. And making spins even more exciting, the Solar God slot uses a variety of special symbols to trigger the amazing bonus features.

There is also a gamble feature that adds more risk to the game, where wins can double or disappear. The Solar God slot can also reach a payout of 500 times a players original bet! We also have reviews for other Synot games such as Amazons’ Wonders and Jack and the Mystery Monsters.

You can see all our game reviews on our YouTube channel.

Credit: Source link

source https://cryptonews.wealthsharingsystems.com/2021/03/solar-god-slot-from-synot-%e2%80%a2-this-week-in-gambling/

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Visa to Accept Cryptocurrencies for Payment Settlements

According to Reuters, Visa announced today that it will begin accepting cryptocurrency USD Coin (USDC) to settle transactions on its payment network. The move by the fintech giant coincides with the growing institutional acceptance of digital currencies. The company has launched a pilot payment program with Crypto.com, and plans to roll out its services to various partners later this year.

Visa’s recent move is to no surprise, as rival merchants such as MasterCard began to embrace the potential uses of cryptocurrencies earlier this year. Back in mid-February, MasterCard announced its plans to incorporate cryptocurrencies into its digital payment infrastructure, citing that these digital tokens will become an “important part of the payments world.” To capitalize on the growing crypto user base that has largely gone unnoticed over the years, Visa will seek to gain an early foothold in the cryptocurrency payment market.

Visa Follows Tesla in Running Its Own Cryptocurrency Nodes

Earlier last week, Tesla CEO Elon Musk tweeted that customers could purchase its vehicles using Bitcoin — a breakthrough in cryptocurrency’s usage in commerce. What was so groundbreaking about the announcement, however, was the fact that Tesla would not convert its Bitcoin payments to fiat. Instead, it would be added directly to its growing $1.5 billion Bitcoin reserve on the balance sheet.

Tesla is using only internal & open source software & operates Bitcoin nodes directly.

Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.

— Elon Musk (@elonmusk) March 24, 2021

Following Tesla, Visa announced that it would also utilise the Ethereum (ETH) blockchain to run its own nodes. This removes the need to convert cryptocurrency payments into fiat currency, which will likely reduce fees for customers and merchants.

The company also stated that it had partnered with digital asset bank Anchorage to run its Ethereum addresses. “We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” said Cuy Sheffield, Head of Crypto at Visa.