Category: Cryptocurrency News

Bitcoin has dominated the digital payments space for the longest time and continues to do so. However, this dominance is on the decline as more altcoins are being chosen as the preferred digital currencies for payments. This has mainly been due to cheaper fees resulting from network congestion when the price gets too high. Instead, cryptocurrencies whose fees can range from a few cents to fractions of a cent are now favored by merchants. Altcoins Are Taking Market Share From Bitcoin Crypto payments processor BitPay recently released a report outlining the percentages each crypto commanded in the crypto payments space. As expected, Bitcoin dominated the list but what was important to note from the report was how much the pioneer cryptocurrency’s dominance over this space dropped in the space of a year. Between 2020 and 2021, bitcoin lost about 27% dominance. Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022 Back in 2020, the company had reported that bitcoin made up for 92% of all digital payments being carried out on the platform. In 2021, this number was at 65% and is expected to continue to drop as merchants move to altcoins for payments. Bitcoin market dominance down below 40% | Source: Market Cap BTC Dominance on TradingView.com   The use of Ethereum as a payment method was up, accounting for 15% of the total transactions carried out on the platform. Stablecoins made a big splash with 13% of all transactions. Meme coins, which grew to popularity within this time and were added by the payments processor amid rising demand, made up a small but impressive percentage of all transactions. Dogecoin and rival Shiba Inu, alongside Litecoin, accounted for 3% of digital payments processed by BitPay for the year. Stablecoins On The Rise One of the factors that affect how much users are paying with cryptocurrencies has been the fluctuations in price. For Cryptocurrencies like bitcoin, when the price of the digital asset moves up, the frequency in which it is being used as a method of payment increases drastically. And vice versa during the bear markets. But with stablecoins, whose values more or less remain the same through bull and bear markets, merchants are able to eliminate this problem. BitPay noted that the use of stablecoins as a method of payment when using digital currencies has gone up tremendously. Related Reading | What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals However, the tide seems to be changing when it comes to the correlation between bull/bear markets and how much users are spending their cryptocurrencies. CEO and founder of BitPay, Stephen Pair, stated that the recent pullback in crypto prices has not affected payments as much as it did in previous markets. “We have not experienced as much of a decline in volume with this recent pullback,” Paid said. “It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments” The company which processes around 66,000 transactions a month is one of the largest crypto payments processors on the globe. It processes crypto transactions for prominent companies such as AMC Theaters and the Dallas Mavericks. Featured image from Ethereum World News, chart from TradingView.com

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A U.S. consumer survey shows that 25% of respondents who currently do not own cryptocurrency plan to start investing in crypto. “2021 was a good year for crypto. Of the respondents that own crypto, more than half reported that they had just started investing in the space within the last year.” ‘2021 Was a Good […]

Yes, there is a small number of channels with actual good opinions on crypto but these are a rarity and most probably don’t have a video for every single project you’d like to research about. ​ 99% of crypto YouTubers are either paid to promote or try to pump their bags with no regards whatsoever…
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Strong framing move by U.S. Representative Tom Emmer and a looming threat of another crypto ban in Asia: a digest of last week’s top crypto policy stories is here.

BTC price is back in a free fall as the price drops to $41,600, but analysts are still holding out for “one more upward impulse” move.

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A scalable, trustless, and decentralized lending protocol called ADALend is being developed to allow users to operate in a self-governed environment. They made a commitment from the beginning to build natively on the Cardano blockchain, which will allow the lending platform to aggregate protocols that support business models that provide economic support to billions of […]

Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT. The cryptocurrency has seen important appreciation in 24 hours (5%) and during the past week (25%) following an explosion in its ecosystem. Related Reading | Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend As of press time, ADA trades at $1.47 as it bounces up its lows in the 4-hour chart. Cardano was heavily impacted by recent months price action in the crypto market. After reaching an all-time high north of $2,20, the cryptocurrency lagged and dipped back into its critical support zone just above $1. Economist Michaël van de Poppe believes ADA has begun an upward trend after bouncing back from the lows with continuation but could yet present a buying opportunity. The analyst has been bullish on ADA for a while and believes $1 will remain critical support. As seen below, Cardano (ADA) has constantly bounce back from these levels on every major dropped including March and July 2021 when the entire crypto market saw a crash of over 50%. At the moment, ADA’s price approaches resistance near $1.53 and could yet give traders an opportunity to take a long position. Van de Poppe claimed the following on Cardano’s potential future price action: If you want to get into Cardano and you didn’t really get the chance you were looking for (…). In that case, we are looking at long entries at the lower boundaries so around $1.3. We are looking at support here on a daily timeframe. On lower timeframes, van de Poppe believes traders shouldn’t be chasing positions, but $1.41 could provide an “aggressive” opportunity to take a long. In that sense, Cardano must break above $1.55 to continue its bullish momentum. Cardano Experiences Ecosystem Explosion Even if ADA manages to break above the aforementioned resistance, the price could form a consolidation zone above those levels which could present a more efficient opportunity to take a long position. Should Cardano sustain those levels, its price could start targeting former highs at around $2 and $2.33. Although Cardano has been trading with more strength than some of the other cryptocurrencies in the market, Bitcoin must maintain its current levels or trend upside to prevent ADA for re-testing its support levels. At the moment, Bitcoin seems to be leaning for more downside for the short term. ADA’s recent bullish price action seems to have been driven due to a growth in the number of projects building on the network. As NewsBTC reported a week ago, there are currently over 200 projects leveraging the network smart contract capabilities. Related Reading | Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone