Bitcoin Dominance Continues To Rise, Dashing Hopes Of An Altseason

As the price massacre continues from the weekend, altcoin holders face further anguish by way of rising Bitcoin dominance. As things stand, Bitcoin …

As the price massacre continues from the weekend, altcoin holders face further anguish by way of rising Bitcoin dominance. As things stand, Bitcoin dominance is at 66%, a level not seen since April 2017.

Several analysts see this trend continuing, with predictions of dominance rising to the 70%-80% mark. The implications of which would put paid to a much-needed altseason. Nonetheless, despite the slide in prices, Bitcoin maximalists can find a crumb of comfort in this.

Market cap percentage split showing Bitcoin dominance at 66% — courtesy of CoinMarketCap.

Bitcoin Dominance Continues To Rise

Bitcoin is currently priced at around $10,300, but has been on a downward course for the past week or so. This follows the failure to breach strong resistance at $13,800, during the parabolic run-up late last month.

While this still represents a 170% increase since the start of the year, the hopes of an overspill into the alts remain somewhat subdued. Indeed, with Bitcoin dominance on an upward trend since January 2018, when it was at 35%, the cries for an altseason become ever more despondent.

So many people promised me altseason soon, while there hasn’t been any sign yet.

Time to clean the following list

Shorting unexperienced hype farmers$BTC$ETH

— Bullish Kid (@BullishKid) July 15, 2019

On that note, Lunar Express sees a continuation of this in the short term, at least. He said:

“I still expect some minor rise in BTC’s dominance during the next few days. I’m targeting the zone between 69.89% and 73.23% to see a top out. I prefer 69.89% though but we all know that Mr. Market has it’s own will so we have to wait and see where it strands eventually. Although, there are quite some signals that 69.89% could be the top.”

However, he drew attention to the fact that we are currently in the golden pocket zone. Which, last time around, in December 2017, saw a drop in Bitcoin dominance, and the subsequent beginning of altseason:

“Another notable thing is that we are inside the golden pocket zone. Meaning that we’ve retraced 61.8%-65.8% of previous alt season. Which is usual a good spot to expect a turn.”

Is Altseason Imminent?

And while Lunar Express concluded that altseason is imminent, others paint a more pessimistic view. For example, Chris Burniske, partner at Placeholder VC, subscribes to the belief that Bitcoin must first reach its all-time-high. And given the market slump of late, this will not happen any time soon.

In a comprehensive Twitter post, Buriske described the cyclical relationship between Bitcoin and the alts. He talked about altseason being driven by whales looking to invest their Bitcoin gains, but only when Bitcoin gains have been maximized:

“Here’s the cycle: $BTC rallies hard, majority of “alts” drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC. Value of “alts” in *BTC terms* then drops until whales choose to cycle into “alts.” Then…”

Here’s the cycle: $BTC rallies hard, majority of “alts” drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC.

Value of “alts” in *BTC terms* then drops until whales choose to cycle into “alts.” Then… https://t.co/lX9VZz5ecC

— Chris Burniske (@cburniske) May 10, 2019

This is a view shared by others, who correlate the timing of the last altseason to Bitcoin’s all-time-high. Twitter user, @BitBitCrypto said:

“Ok, here it comes – your holly grail. In 2017 Altcoins had their biggest ever Altseason AFTER bitcoin was making all time highs. If you’re looking for a big Altseason aim there!”

Ok, here it comes – your holly grail.

In 2017 Altcoins had their biggest ever Altseason AFTER bitcoin was making all time highs.

If you’re looking for a big Altseason aim there!

(Check eth or others for reference) pic.twitter.com/eivHLjyxAk

— ฿ (@BitBitCrypto) June 21, 2019

And so, given the expectation of rising Bitcoin dominance, in conjunction with the recent price slump across the markets, there is every possibility that altseason won’t be happening soon.

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Security Breach Found on 0x Protocol, Trading Temporarily Suspended

The blog post says that the 0x project was informed about the breach in its exchange smart contract by third-party security – Sam Sun. The contract that …

You may have heard of the decentralised exchange protocol 0x, which has now been suspended by the core developing team after a vulnerability was found in its code.

The blog post says that the 0x project was informed about the breach in its exchange smart contract by third-party security – Sam Sun. The contract that was impacted by the contract is responsible for filing and cancelling orders, as well as executing transactions and registering new contracts.

The breach on the protocol would have allowed attackers file orders with fraudulent signatures. The team at 0x has immediately halted traded on its platform and released an updated version of the affected smart contracts. The co-founder of the 0x protocol, Will Warren commented on the breach which found that not users funds were affected by the breach.

“This vulnerability would allow an attacker to fill certain orders with invalid signatures. This vulnerability does not affect the ZRX token contract; your digital assets are safe.”

Will went on to say that after the team found the vulnerability, they decided to shut down the v2.0 Exchange and all AssestProxy contracts to prevent attackers from being able to exploit the vulnerability.

As far as the is aware, no hacker, scammer or fraudulent individual has actually exploited the breach on the network but the functionality of the decentralised exchange has been hindered. It’s worth noting that projects which are connected to the 0x protocol will have to update their code in order to point to these updated contracts.

The co-founder suggested that the 0x team will be posting a summary of everything that happened after everything is a 100 percent sorted and no smart contracts are at risk.

Decentralised Protocol

As reported by Be in Crypto:

“The project’s team is also looking to discuss the issue with the community to make sure all smart contract security practices for 0x protocol are transparent, rigorous, and community-vetted.

The immediate response from the team has helped avert any unpleasant situations for its users, but this particular incident also highlights that decentralized exchange protocols still remain centralized.”

There are two ways to look at decentralised protocols like 0x. For starters, they can help prevent failures and breaches with quick fixes or the centralised way of decision making will see protocols fail the censorship and regulation test. Whether projects will be able to find a smart solution to this, isn’t for us to say.

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ellpticSecure Announces the MIRkey, an All-In-One Cryptocurrency Wallet and USB Security Key …

Your security key is registered with an account such as Gmail, Coinbase, or Dropbox with the aid of public key cryptography. What this ultimately …

Besides securing cryptocurrency exchange logins such as Coinbase, as a hardware wallet the MIRkey allows you to store, send, and receive digital currency such as Bitcoin. If you purchase or trade cryptocurrencies, it is crucial to make sure the coin’s private keys are secure. The MIRkey integrates with popular software like Electrum to allow you to easily send and receive currency while still keeping the private key safe on the MIRkey – even if your computer is compromised.

The MIRkey is also a general purpose PKCS#11 compliant Hardware Security Module (HSM) and therefore works out of the box with existing software like Adobe Reader DC (for document signing and encryption), VPN clients (that is, OpenVPN), OpenSSH, Thunderbird (signing and encrypting emails), Firefox, Disk volume encryption (VeraCrypt) and any application that uses the PKCS#11 API.

View photos

A software development kit allows the integration of custom applications with the MIRkey to help secure production lines, protect IoT server keys, sign software activations and assists with general key management. These keys are stored encrypted with master keys in tamper-proof silicon that can only be unlocked with the user password. Its hardware and operating system-free nature, safeguards your keys from being stolen or copied without your knowledge. This protects your keys from ransomware as well as malware and viruses. Cryptographic operations are performed on the MIRkey itself – therefore, the keys never leave the secure module. This prevents access to the keys even when a system is compromised.

About ellipticSecure (ellipticsecure.com)

ellipticSecure specializes in Cybersecurity products like PKCS#11 Hardware Security Modules, Hardware Security Keys, Bitcoin wallets and Hardware-as-a-Service services. Safe, secure key management for both enterprise and individual use.

SOURCE: ellipticSecure

View source version on accesswire.com:

https://www.accesswire.com/551939/ellpticSecure-Announces-the-MIRkey-an-All-In-One-Cryptocurrency-Wallet-and-USB-Security-Key-to-Secure-Accounts-Against-Phishing

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Quantum Cryptography Market Report : Development Trends, Driving Forces, Restraints …

The report provides the forecast of the Quantum Cryptography Market for the next five years which assist Quantum Cryptography industry analyst in …

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Crypto for care homes – one bad idea

He also insisted that although his initial coin offering was aiming to raise £35m, his company didn’t really need the money – or, as a statement from his …
Woman holding senior man's handsImage copyrightGetty Images
Image caption Carlauren care homes wanted to create a crypto-currency that residents would buy into

Back in April, I wrote about an unusual scheme that saw a care home organisation create its own crypto-currency. Carlauren Care wanted residents and investors to use the currency to buy rooms in its upscale homes and what it called care “resorts.”

The owner, Sean Murray, told me there was a unique feature to his Carlauren Coins, priced at £70 apiece – the company would buy them back any time at £63, meaning there were none of the risks associated with wildly volatile crypto-currencies.

He also insisted that although his initial coin offering was aiming to raise £35m, his company didn’t really need the money – or, as a statement from his PR agency put it: “Unlike other offerings, Carlauren Group as a company has no current need to raise monies for its business.”

When I suggested to Mr Murray that his buyback guarantee would work only if his business did not run out of money, he laughed off that idea. “I’m a visionary,” he told me and went on to outline his vision of transforming the care industry through his innovative crypto-currency scheme.

Spool forward a couple of months, and all is not well at the Carlauren Group.

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