What is happening with the market?

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Lately, we have seen only red accents when looking at coinmarketcap.com, coingecko.com or any other cryptocurrency statistics website. Although today the market is looking a lot greener, the general perception of an incoming bull-run hasn’t changed much. There has been a lot of FUD in the crypto community as a lot of bearish tweets of getting out of cryptocurrencies and selling everything have become quite popular. 

On the other hand, the Bitcoin Maximalist camp is looking at this pretty positively, justifying that “many sh*tcoins are dying out,” which, in their opinion, is a particularly good sign. It leaves room for Bitcoin to grow. Whether this is true or not, no one knows, but the fact is that most of the ICOs and cryptocurrency projects from last year have lost 95-97% on average from their all-time high (ATH). 

Top losing altcoins

Source: OnchainFX

In the picture above you can see the top 15 of those coins which have lost the most value. As we can see Zclassic, GameCredits and Ethos are the top losing projects, having lost 99% in value. When looking into Zclassic twitter page, it was surprising to see only 1,862 followers. Their activity also is feeble. The last retweet (not even a post) was published on September 7. Also, there has been only 2 GitHub commits in the last 90 days. That all could lead up to an abandoned project.

However, GameCredits has working products like G-Nation which includes G-Play and G-Share. Their mission is to build a worldwide community for gamers and game publishers. However, looking at the price of GAME it looks like they are not doing that well. Especially, if users can purchase games with GAME, or earn it while playing. It looks like it’s not rather profitable for users to use it. Also, only 10 commits on GitHub in the last 90 days. On the other hand, their Twitter page is booming with followers (30k), and they are continually publishing their updates on the GameCredits Foundation. However, the fair point is that GameCredits are competing with an already established industry leader – Steam. Also, NEO (NEO) and TRON (TRX) are entering the blockchain gaming industry, and those are huge companies. How is that going to work out for GAME – we’ll see.

Speaking about Ethos, they have plans to build a universal wallet for all the cryptocurrencies available — kind of what Coinbase has now. Moreover, their internal token – ETHOS, was supposed to be a facilitator of the platform, by mainly reducing fees and allowing users to access certain services on the platform. Ethos also has lost 99% from their ATH. They claim that 60k users are using their platform with almost 1000 joining in every day. However, the thing is, they are planning to implement a fiat gateway with multiple features, which would lead up to thinking that their token might be dying out.

Bitcoin likes bear markets

Overall, the picture looks dreadful. The question is, whether the investors, who helped these projects to raise money, will ever get their return of investment. That is a good question which possibly is asked multiple times during the day. Especially after these bear moves, the market was performing in the last couple of days. These lows don’t necessarily mean that the market is dying out. Cryptocurrency markets have experienced multiple bear markets, and there is no sign that this should be the last one. The history shows that each one of the previous bear markets leads to even higher prices and larger market caps. Whether this is also going to be like that, we can only wait and guess.

The fact is that by each of these bear markets, the bitcoin price has retreated to a previous all-time high. As we can see in the picture below – this looks exactly the case. Now the question is – whether it might fall even lower – to a different previous ATH. Bitcoin price could fall to a $2000 mark or even lower – to a $1000 mark. Because if we remember, the rise from $1000 to anywhere around $4000 was pretty quick, so we wouldn’t be surprised to see even lower price setbacks.

The market

When looking at how this past year has been treating us – the picture is not so confident as we intended it last year. This was supposed to be the year of privacy coins, but that seems to be postponed till next year. The good thing is – this year has boosted the Bitcoins dominance over other cryptocurrencies. It survived the lowest point of 32% in January when the bear market emerged. Now resting at 53-54% for quite a while. It almost looks like it soon could reach the highs of December 2017 when it was around 67% continuing in a pace like this.

Source: Coinmarketcap.com

A few things that fall into our eyes are that Ripple has overtaken Ethereum in market dominance by almost 3%, which has happened only a couple of times in the history of Ethereum. Also, we can see that Bitcoin Cash is losing dominance pretty steadily and Litecoin somehow stays stable around its 1,5% market dominance.

Source: Coinmarketcap.com

The overall cryptocurrency market cap also had dropped quite significantly from its peak in January when it was $829 billion. Currently, it has suffered a severe drop from $210 billion to $130 billion in these last days. It was going sideways for about three months and now seeing this big of a decline, still kind of draws the descending pattern.

So when bull?

This is probably the most common question among crypto-supporters, and no one can quite answer it. The fact is that after a month we will have suffered a year-long bear market. Is it going to continue? The most realistic outcome in our mind would be that Bitcoin keeps loosing price, but gaining dominance. This bear could stop at $1100, and it also could stop at $2000. By all means, this is just a speculation. The price will rise when people start buying Bitcoin. What will be the most appealing price for people to start buying it? Also, at the moment, assets on this market are not individual. They all fall under Bitcoin, and if Bitcoin price ascends, altcoins follow. So we all have to wait for Bitcoin to make a move. 



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The TOP crypto Gaming and e-Sports platforms!

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You could say that video games are the most fertile ground for sprouting digital currencies. This daring statement can be exemplified by World of Warcraft, a MMORPG giant by Blizzard Inc. It is one of the biggest and most successful online games, still played 14 years after its release. WoW’s digital gold economy for trading in-game items created a huge black market with real world cache behind it. During the peak from 2007 until 2012 it was extensively sold on online black markets. The business was so lucrative, that Chinese prisoners were forced to mine it. By 2015 attempts were made to stabilize the market. Blizzard introduced the WoW Token, allowing players to exchange real money for virtual gold. Technically these tokens are not a cryptocurrency, but for an average user they look identical and can be spent the same way. Several gaming companies are now trying to integrate cryptocurrencies and blockchain technologies into their platforms. Mobile Warcraft game Heartstone now has more users than WoW, allowing players to mine gold for buying WoW Tokens, which can then be converted to Battle.net credits, used for purchases in other Blizzard games. This strategy has proven successful, making Blizzard one of the top video game publishers of all times.

Since these early developments, many cryptocurrencies and gaming platforms have been created, let us take a look at several of them.

One of the earliest gaming cryptocurrencies was GameCredits. It is based on a fork of the Bitcoin code and provides a basic API to create invoices within games. To make payments, the game has to be exited and a web browser used instead. This creates several problems, like centralization and the whole system going down due to hacking or the website going offline.

DigiByte is somewhat similar to GameCredits, also a Bitcoin fork, it has managed to implement a lot of code updates early on, leading the way for other altcoins. It made an early attempt to create a centralized reward system for playing games like Minecraft before going offline due to a DDoS attack. Since then, DigiByte has focused on general coin development and other target markets.

Another recent offshoot of GameCredits is MobileGo, a project with an aim to bypass high fees and restrictions of the main mobile app stores, allowing users to install an alternative store, usually with a bundle of partnered games, for which they pay with MobileGo Ethereum tokens. Plans to incite players with coupons and various VIP features are still in the making.

Enjin, an interesting project by an experienced web company in business for almost a decade and with a gamer network of millions of users. With the best traits of many gaming coins, robust and decentralized architecture, it can be called an Ethereum of gaming. Enjin lets game developers to turn tokens into game assets and then, any player who owns these assets, can turn them back into tokens anytime. Out of all gaming coins reviewed, it has the most ambitious plans- smart wallet for in-game purchases, escrow contact for trading items and Minecraft plugin. It collaborates with Bancor, providing on-chain exchange and showing the market value of game items. Plans are made to provide developers with a wide range of SDKs (Unity, UDK, C#, Java, PHP), web plugins, Android and iOS tools.

An eSports betting platform, HEROcoin, has a goal to eliminate the “House” advantage and wants to engage primarily with three types of users- token holders, players and game creators. Token holders receive a passive income from all game pools, winning players get their share of the tournament pool and game creators get tokens for facilitating and managing a game. This concept seems to be valid and interesting, but for the fact that everything is centered in the HeroSphere website.

One more eSports platform is FirstBlood, although it advertises itself as a more secure alternative, it still is centralized and vulnerable to the same risks mentioned above. It is still too early to judge and has to be followed up into the future.

Tradeplayz is a platform standing out because it allows players to win cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ethereum Classic, Dash, Zcoin, Bitcoin Cash) by their skill in various games, such as chess, backgammon etc. It provides users with an opportunity to use their cryptocurrencies more efficiently, not having to wait for price raises.

With the booming market of online gaming, worth more than 80 billion USD, it seems likely that cryptocurrencies are in this market to stay for good. As these are early years, it remains to be seen how this relation will develop. Either we will have a universal gaming coin or a bunch of them, each tuned to a specific niche.



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