Crptocurrency

Bitcoin’s Dominance Hits Three-and-a-Half-Year High of 58.77%, Analyst Predicts Further Gains

Published

22 hours ago

October 16, 2024

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Bitcoin’s dominance in the cryptocurrency market surged to 58.77% on October 15, marking its highest level since April 2021, according to Cointelegraph, which cited data from TradingView. This increase highlights Bitcoin’s growing influence within the broader crypto market, driven by a combination of market trends, investor sentiment, and macroeconomic factors. Benjamin Cowen, founder of Into The CryptoVerse, forecasted in an October 16 post on X (formerly Twitter) that Bitcoin’s dominance could peak at around 60% in the coming months. The rise in dominance comes at a time when altcoins are seeing reduced market activity, raising important questions about the future of both Bitcoin and the broader cryptocurrency ecosystem.

Understanding Bitcoin Dominance: A Key Market Indicator Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization that is held by Bitcoin relative to all other digital assets. A higher dominance figure suggests that Bitcoin is outperforming other cryptocurrencies, often driven by a combination of market dynamics and investor preference for Bitcoin over altcoins.

Key Drivers of Bitcoin Dominance:

Increased Institutional Interest:
- Bitcoin has seen growing institutional adoption, with large companies and financial institutions recognizing it as a reliable store of value and hedge against inflation.
Regulatory Focus on Bitcoin:
- Many regulatory frameworks are more focused on Bitcoin, which is seen as more established and less prone to the speculative nature of some altcoins.
Market Uncertainty:
- During times of market uncertainty or macroeconomic instability, investors often retreat to Bitcoin, viewing it as a safer investment compared to altcoins, which can be more volatile.

Recent Trends Contributing to Bitcoin’s Surge Bitcoin’s rise in dominance to 58.77% is part of a broader trend that has been developing over the past year, driven by both internal factors within the crypto market and external global economic conditions.

1. Altcoin Underperformance:

Many altcoins have underperformed relative to Bitcoin in 2024, with several projects struggling to maintain investor interest amid concerns over regulatory crackdowns, liquidity issues, and market volatility.

2. Bitcoin Halving Anticipation:

With the Bitcoin halving event expected in April 2024, anticipation is building around the potential price surge historically associated with halving events. This has driven renewed interest in Bitcoin as investors position themselves ahead of the expected supply reduction.

3. Macro and Geopolitical Factors:

Global economic conditions, including inflation fears, interest rate hikes, and geopolitical tensions, have led investors to seek safe-haven assets like Bitcoin, further boosting its dominance.

Benjamin Cowen’s Forecast: Bitcoin Dominance to Reach 60% In an October 16 post on X, Benjamin Cowen, founder of the market analytics platform Into The CryptoVerse, forecasted that Bitcoin’s dominance will continue to rise, potentially topping out at around 60%. This projection suggests that Bitcoin could see further market strength, especially as investor sentiment continues to favor the leading cryptocurrency over altcoins.

Cowen’s Key Insights:

Continued Strength for Bitcoin:
- Cowen notes that Bitcoin’s historical patterns suggest that it performs well in environments where investor sentiment is cautious, often leading to increased dominance as altcoins struggle.
Potential for Altcoin Weakness:
- As Bitcoin’s dominance rises, altcoins may continue to underperform, with investors reallocating funds into Bitcoin for greater stability.

Implications of Rising Bitcoin Dominance for the Crypto Market Bitcoin’s increasing dominance has significant implications for the broader cryptocurrency market, particularly in terms of market liquidity, investor sentiment, and the future trajectory of altcoins.

1. Shift in Investor Focus:

As Bitcoin’s dominance increases, more investors are likely to focus their attention on Bitcoin, leading to reduced interest and investment in altcoins. This could result in lower liquidity and trading volumes for smaller projects.

2. Altcoin Market Struggles:

A rise in Bitcoin’s dominance often coincides with a period of weakness for the altcoin market. Projects with less established use cases or smaller communities may struggle to attract new investors, leading to potential declines in market capitalization.

3. Long-Term Implications for Altcoins:

While some altcoins may recover over time, particularly those with strong use cases and robust ecosystems, the short-term trend of rising Bitcoin dominance may create challenges for the broader altcoin market.

Expert Opinions: The Outlook for Bitcoin and Altcoins Industry analysts have provided their insights on the implications of Bitcoin’s rising dominance and its potential impact on the cryptocurrency market.

Dr. Emily Zhang, Blockchain Analyst: “Bitcoin’s rising dominance signals a flight to safety among investors. In uncertain markets, Bitcoin has historically performed better than altcoins, and this trend is likely to continue as we approach the 2024 halving event.”
Mark Thompson, Financial Services Consultant: “Bitcoin dominance tends to rise when market sentiment is cautious or when there’s a shift in institutional focus toward safer assets. If Bitcoin continues to outperform, we could see a prolonged period of underperformance for many altcoins.”
Sophia Lee, Cryptocurrency Strategist: “The anticipated Bitcoin halving is creating renewed interest in the asset, driving up dominance. However, it’s important to remember that altcoins often have cyclical periods of underperformance followed by rallies, so while Bitcoin’s dominance may rise, the altcoin market could see a resurgence in the future.”

Future Outlook: What’s Next for Bitcoin and Altcoins? As Bitcoin’s dominance approaches the 60% mark, the crypto market is at a crossroads. Investors will be closely watching how this shift impacts the broader cryptocurrency ecosystem, particularly as the 2024 Bitcoin halving draws nearer. The halving event has the potential to spark a new bull run for Bitcoin, while altcoins may continue to face challenges in the short term.

Key Factors to Watch:

Bitcoin Halving Impact:
- The halving event is expected to reduce Bitcoin’s supply, which historically has led to significant price appreciation. As Bitcoin gains more attention, its dominance could rise further, potentially surpassing the 60% mark.
Altcoin Market Recovery:
- While altcoins may underperform in the near term, projects with strong use cases and development teams may eventually see a recovery, especially if new innovations or partnerships emerge.
Institutional Participation:
- Institutional interest in Bitcoin remains strong, and as more financial products such as Bitcoin ETFs are introduced, Bitcoin’s dominance may continue to rise, reshaping the crypto landscape.

Conclusion: A New Era of Bitcoin Dominance? Bitcoin’s dominance reaching a three-and-a-half-year high of 58.77% reflects its growing influence within the cryptocurrency market. With analysts like Benjamin Cowen predicting that dominance could rise to 60%, the spotlight is firmly on Bitcoin as the market approaches the 2024 halving event. While the rise in dominance poses challenges for altcoins, the broader crypto ecosystem remains dynamic, and future developments could reshape the balance of power.

For more insights into the latest trends and analyses in the cryptocurrency market, explore our article on latest news, where we delve into the most significant events shaping the future of digital assets.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Crptocurrency

Decentralized Storage Protocol Walrus Launches Public Testnet

Published

9 mins ago

October 17, 2024

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Palo Alto, United States, October 17th, 2024, Chainwire

Akord, a web3 platform for securing and managing data, also begins its migration to Walrus Protocol

Mysten Labs, the web3 infrastructure company, today announced that following a successful Devnet, Walrus Protocol, a decentralized storage network, has launched its public Testnet.

Walrus Protocol stores and delivers large data files, including rich media content, audio files, video, images, PDFs and more, from any web2 or web3-based source. These large files, known as blobs, are stored quickly and efficiently by Walrus, whose storage is resilient, scalable, programmable, and secure. Walrus’s public Testnet, and its Testnet token, WAL, are served by Sui as the coordination layer. Sui provides a dedicated management architecture for Walrus to store its global state and metadata offering speedy consensus, composability, and the opportunity to integrate storage into smart contracts on Sui. Walrus’s Testnet launch will include:

API endpoints that support deletable blobs, meaning data can be deleted.
Dedicated Walrus explorer, allowing users to search data quickly and comprehensively, built by Stakestab Inc, maker of Suiscan & Blockberry API Platform.
Full tokenomics ecosystem for the Walrus token, WAL, including epoch management, staking and unstaking, and rewards, as well as the WAL token faucet for developers.
WAL staking app, developed by Mysten Labs.

“As blockchain projects aim to become more decentralized, it has been apparent for quite some time that a decentralized storage network was needed for networks of all kinds, L1s and L2s, to support end-user applications with rich media and larger storage needs,” said George Danezis, Chief Scientist and Co-Founder at Mysten Labs. “Walrus Testnet going live is a pivotal moment in that journey. With Akord and Decrypt beginning the migration over to Walrus, we’ll begin to see that a decentralized storage network can be used to bring various applications to a mass audience.”

Coinciding with the launch of Walrus’s public Testnet, Akord, a secure storage and collaboration platform, providing user-friendly, cost-effective, and decentralized storage solutions for any digital asset, announces its migration from Arweave to Walrus. Akord is set to migrate to Walrus within the next week. The move comes on the heels of Decrypt Media’s recent announcement of its plans to integrate with Walrus, making the publication the first media outlet to commit to storing media articles and video content on Walrus.

“At Akord, our mission is to create a platform that empowers individuals and businesses with meaningful data ownership – the ability to secure data publicly and tokenize it, or store it privately with end-to-end encryption, controlling the keys and access,” said Pascal Barry, CEO of Akord. “Migrating to Walrus allows us to offer our existing customers a more cost-effective, versatile and performant solution, as well as giving us the opportunity to realize our mission at a much larger scale.”

Powered by a system that divides large data files into smaller fragments, referred to as ‘Red Stuff,’ Walrus distributes slivers of data files across various storage nodes. This process ensures that even if some pieces go missing, the whole of the data can still be reconstructed. This approach reduces the need for data redundancy, allowing the network to grow seamlessly while ensuring fast and reliable access to data. Walrus introduces advanced storage verification through proofs and attestations, incentivizing nodes to store slivers of each file. Instead of verifying individual files, Walrus assesses the entire storage node, significantly lowering the cost of proving data storage.

Walrus, whose original contributor is Mysten Labs, launched on Devnet in June 2024. Its whitepaper was available as of September 2024, presented by Janet Wu, Head of Product, Platform, at Mysten Labs, at Sui’s Singapore Builder House Event. Walrus Mainnet is slated to launch in 2025.

About Mysten Labs

Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts whose founders were senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language. The mission of Mysten Labs is to create foundational infrastructure for web3. Learn more: https://mystenlabs.com.

About Walrus

Walrus is a next-generation decentralized storage network for data and rich media content such as large text files, videos, images, and audio. Leveraging innovations in erasure coding, Walrus offers exceptional data availability and robustness with minimal replication overhead for cost efficiency. Powered by Sui as the coordination layer, Walrus scales to hundreds or thousands of networked decentralized storage nodes without compromising performance. Learn more: https://www.walrus.xyz/.

About Akord

The Akord platform is built on a digital vault protocol that offers file management, end-to-end encryption, file sharing, access control, minting and token gated access. The platform consists of an app, API, SDK and CLI with a strong focus on user and developer experience. Learn more: https://akord.com/

Contact

Lexi Wangler
Mysten Labs
lexi.wangler@mystenlabs.com

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Crptocurrency

Decentralized AI Summit at MIT votes OriginTrail, powered by Polkadot, as the best decentralized AI project

Published

25 mins ago

October 17, 2024

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Ljubljana, Slovenia, October 17th, 2024, Chainwire

OriginTrail, the ecosystem striving for a safe internet in the age of AI with its decentralized knowledge graph, was named the best project at the prestigious MIT Decentralized AI Summit. Held at the MIT Media Lab, the summit brought together top innovators, researchers, and industry leaders to explore the future of decentralized AI technologies.

The packed schedule saw contributions of representatives from Dell, Intell, NVIDIA and other notable AI companies. In his talk, the founder of OriginTrail Branimir Rakic explained how OriginTrail’s decentralized knowledge graph powered by Polkadot acts as a critical infrastructure in addressing some of the internet’s most important challenges in the age of AI such as misinformation, deep fakes, fake news or unreliable AI in a broader sense. The pioneering approach to powering trust in AI stood out amongst the numerous showcases at the event and led to being voted as the best project by the participants of the Decentralized AI Summit. This recognition highlights OriginTrail’s expected impact on driving mainstream adoption for both AI and Web3 technologies across diverse set of industries, from Real World Assets (RWA) in global supply chains, Decentralized Physical Infrastructure (DePIN) connecting knowledge of organizations and individuals, to advancements in improving AI models through federated access to training data.

“We are thrilled to see that OriginTrail is evolving in the direction many other industry giants are identifying as the cutting edge. I was particularly excited to hear many speakers highlight the importance of deploying the AI solutions at the edge of the network, where AI solutions with more sustainable resource use and privacy preserving data management can be implemented. It’s something that OriginTrail has been working on to enable for the last year and we’re excited to unveil it next week (Oct 24th) at the DKGcon in Amsterdam with the release of the DKG Edge node. And, of course, I wish to thank the participants of the event that selected OriginTrail as the best project of the DecAI Summit, it’s a great vote of confidence for our future work.” – Branimir Rakic, Founder at OriginTrail.

As the pathologies of the state-of-the-art AI solutions become more evident, the demand for trustworthy AI solutions being developed at the intersection of Web3 and AI grows. OriginTrail is determined to continue to lead that charge by driving mainstream adoption of this critical infrastructure to enable a safe internet in the age of AI.

About OriginTrail

OriginTrail is an ecosystem dedicated to making the global economy work sustainably by enabling a universe of AI-ready Knowledge Assets, allowing anyone to take part in trusted knowledge sharing. It leverages the open-source Decentralized Knowledge Graph that connects physical and digital worlds in a single connected reality driving transparency and trust.

Advanced knowledge graph technology currently powers trillion-dollar companies like Google and Facebook. By reshaping it for Web3, the OriginTrail Decentralized Knowledge Graph provides a crucial fabric to link, verify, and value data on both physical and digital assets.

For more information, users can visit origintrail.io.

MIT DecAI summit event | LI OriginTrail announcement | X OriginTrail announcement

Contact

Communications department
Lucija Naranda
OriginTrail
lucija.naranda@origin-trail.com

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Crptocurrency

SCRYPT partners with ORSEN to facilitate a global blockchain partnership between Polkadot and Inter Miami CF

Published

27 mins ago

October 17, 2024

admin

Zurich, Switzerland, October 17th, 2024, Chainwire

SCRYPT, a Swiss-licensed leader in institutional-grade crypto asset services, today announced the successful implementation of a seminal deal with ORSEN, a global sports and entertainment partnerships enabler, that managed the agreement between Polkadot and prominent Major League Soccer club Inter Miami CF.

To facilitate the partnership, ORSEN utilized SCRYPT’s market leading over-the-counter desk to convert Polkadot’s native cryptocurrency, DOT, into USD. The partnership between Polkadot and Inter Miami CF places Polkadot as the club’s Global Training Partner, this will include visible presence throughout Chase Stadium with major signage and key visuals on LEDs and other stadium signage.

Sean O’Reilly, CEO of ORSEN, said: “We are thrilled to have partnered with SCRYPT to make this deal possible. Their expertise in handling large crypto transactions grants us the necessary infrastructure to bring Polkadot and Inter Miami together in a seamless partnership.”

Norman Wooding, Founder & CEO of SCRYPT, commented: “We are proud to have provided a financial solution to support the facilitation of this major deal between Polkadot and Inter Miami. SCRYPT’s mission is to provide institutions with trusted access to the crypto economy, and this deal exemplifies our capability to execute complex transactions at scale. This partnership exemplifies SCRYPT’s capacity to manage substantial crypto-to-fiat trades with precision and reliability.”

Gabriel Titopoulos, Head of OTC at SCRYPT, added: “This partnership showcases our team’s ability to manage substantial crypto-to-fiat conversions. Ensuring seamless execution for large-scale trades like this is our core strength and we’re excited to be a part of this groundbreaking collaboration between Polkadot and Inter Miami.”

About SCRYPT

SCRYPT is the leading Swiss-licensed partner for institutional crypto solutions, providing seamless access to the crypto economy through trusted infrastructure and expertise. We enable institutions to confidently manage, trade, and store digital assets.

Users can discover more: SCRYPT | info@scrypt.swiss

About ORSEN

ORSEN is THE sports and entertainment partnerships ENABLER. We are a Connector, Facilitator and Trusted Advisor. We work alongside our brand partners and rights holders to identify, create and optimize future-proofed partnerships.