The cryptocurrency news today show that Bitcoin is in an obvious state of weakness. The same situation has been present over the past couple of weeks, resulting in a failure to bounce back as the most dominant cryptocurrency fell below $8,000. All of this makes people wonder and ask themselves: are altcoins now in the focus and could they reverse the current trends?
The truth is, the entire market is in a vulnerable position. Today, however, the ETH news show that ETH has lost almost nothing on a daily level and Ripple’s XRP token has even gained 1% to reclaim the $0.2546 position.
The Bitcoin price news have long been showing vulnerability for the major cryptocurrency. In other words, we can safely say that Bitcoin is losing steam and struggles to pierce $8,200 as the trading volume dries up.
What’s also important to note if you are asking “are altcoins going to rally now” is a discussion about dominance levels. As you may know, Bitcoin has been holding the near 70%-ish dominance level for some time now. It has slowly weakened over the weekend with a fall back to just above $8,000 following a couple of brief touches of $8,200.
The analyst named Josh Rager yesterday pointed out that BTC may be primed for a drop to $7,600. However, as the XRP news today and other market updates show, the altcoins are building a breakout and the bulls may soon uncover themselves.
“Bitcoin dominance is currently at 70%, but I’m predicting it will decline significantly as alts gain a lot of dominance over the next year. Many alts including $XRP and $ETH look very bullish in their BTC pairings!,” an analyst known as Crypto Welson said today.
Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
Russia Sees No Benefit In Launching National Crypto Assets
“Not only for technological reasons but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”Nabiullina previously stated that although there is an incentive to go crypto, the society will not be open to give up cash for digital alternatives. However, there are some signs of cash going obsolete such as in China but there are also signs of heavy reliance on physical cash in places of the world where privacy is valued or where there isn’t a good internet connection. While Russia’s central bank does not see the benefits by launching a CBDC, there is one potential benefit that might please the financial incumbents. The New York professor and economist Nouriel Roubini last year stated the central bank digital currencies:
“CBDCs [are] likely [going to] replace all private digital payment systems. By allowing any individual to make transactions through the central bank. CBDCs would upend this arrangement, alleviating the need for cash, traditional bank accounts, and even digital payment services.”As per the latest crypto news, some crypto banks are acknowledging his point and the Finance Minister of Germany and France already believe that the European Union should launch their own cryptocurrency as a response to Facebook’s Libra.
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