But Bitcoin isn’t the be-all and end-all of cryptocurrencies; during the crypto industry’s first decade, the number of cryptocurrencies in existence increased exponentially. On CoinMarketCap, there are now over 4,000 altcoins or cryptocurrencies that are not Bitcoin. They have many different use cases, from governance to powering data oracles.

Yet most of the time, altcoin prices are intimately tied to the price of Bitcoin, tracking with it through thick and thin. Why?

The fundamental reason behind altcoins following Bitcoin is because altcoin prices are typically measured in Bitcoin. The original crypto asset may be flanked by over 3,000 competitors, but it still commands over half of the entire cryptocurrency market cap. This domination of the crypto market affords Bitcoin a lot of influence and control.

In addition, most altcoins can’t be purchased directly using fiat currencies; instead, the majority of buyers purchase some Bitcoin first and then trade it for their altcoin of choice. Therefore, if someone holding altcoins wants out of the crypto industry altogether, it’s most likely they would first sell their assets for Bitcoin, and then convert Bitcoin back to a fiat currency. This symbiotic relationship means that the value of different altcoins is often tied to Bitcoin.

As a result, an altcoin’s value is often measured against the price of Bitcoin, so the price of altcoins could go down if Bitcoin goes down, and conversely, the price of altcoins could go up if Bitcoin goes up.

As we’ll discover, this rule of thumb doesn’t always hold true, but there is also something to be said for Bitcoin acting as a reserve currency for the biggest crypto exchanges.

As we can see, there are plenty of reasons why altcoin prices usually follow that of Bitcoin. However, sometimes Bitcoin drops in value while altcoins experience a surge in value. A fundamental reason for this is that investors with a watchful eye will pull money out of their Bitcoin investments, and instead pivot to altcoins that are showing promise.

Conversely, if Bitcoin does experience a bull run on its own, investors can pivot back to the leading cryptocurrency to enjoy a ride of their own.

Yet, even within altcoin price surges, it isn’t necessarily true that all altcoins will obey the same rules, or behave in the same way. Contrary to traditional markets, cryptocurrency markets do not always crash and boom in unison.

There may be thousands of cryptocurrencies in the market today, but the first one out of the gate is still calling the shots.

When there is a boom inside the outflow of Bitcoin from the industry’s largest exchanges, buyers have a tendency to view this as a fine sign for the currency. This is because buyers count on Bitcoin to enter into an accumulation segment, that means a bull market can be across the nook. This confidence can trickle right down to competing altcoins and benefit the wider crypto marketplace.

A report named The State of Customer Banking & Payments released by Morning Consult in January found that Millennials are embracing modern technologies to help them make financial decisions more than any other generation.

The writer of the report, financial services expert Charlotte Principato, collected data from 50,000 different participants to monthly surveys performed in the United States and worldwide from July to December 2021.

Principato mentioned in an email to Cointelegraph that the increase in usage of cryptocurrencies in 2021 was an outlier among the statistics that caught her eye when preparing the report.

By December last year, around 48% of Millennial individuals owned cryptocurrency, up from just about 30% in June. During the same period, 20% of all adults in the United States admitted to holding cryptocurrencies.

Source: Morning Consult

Millennials’ use of alternate payment services such as cryptocurrencies may be because they struggled with financial well-being scores that kept standing lower than the nationwide standard since June 2021, the report claims. The global standard by last December was 50.98, but the Millennial generation was standing lower– at 49.54.

Principato told Cointelegraph that lower financial well-being scores were a pattern she observed over the past seven months. She attributes the decline to the new variants of the COVID-19, and increased inflation in the United States, which is yet to be fully recovered.

Source: Morning Consult

Morning Consult’s website says that the financial well-being score is identified by a scale that “includes 10 questions for gauging present and future security and freedom of choice, touching on consumers’ control over their finances, their capacity to absorb financial shocks and their trajectory to meet their financial goals.”

While Millennials, generally, lead the way, crypto holders are disproportionately high-earning Millennial men. 70% of Millennial males use crypto, with 25% of them earning over $100,000 per year.

Remarkably, Hispanic people have a higher rate of crypto usage than their representation in the general adult population. Around 16% of all U.S. adults are Hispanic, however, they make up 24% of all crypto users.

As cryptocurrency became more popular throughout 2021, respondents from every generation– from Baby Boomers, Gen Xers, Millennials, and Gen Z– were increasingly likely to consider purchasing cryptocurrencies from exchanges in the United States.

These findings lead us to conclude that cryptocurrencies will keep blooming in 2022. The further adoption of crypto and onboarding of younger generations will be two major aspects that may lead to a potential boom.

The latest of these companies is Palantir, an American software company. On the 11th of May the company announced that it now accepts bitcoin as a form of payment and is also looking to adding it to its balance sheet.

David Glazer, chief financial officer:

“We’re thinking about it and we’re even discussing this early, taking a look at our balance sheet in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it’s definitely on the table from a treasury perspective as well as other investments that we look across our business and beyond.”

Source: Zycrypto

Block.one has unveiled a new crypto exchange subsidiary that has raised nearly $10 billion in funding. The subsidiary, Bullish Global, is developing a crypto exchange named Bullish, which is scheduled to launch sometime this year.

The exchange is backed by a number of notable investors, including billionaires Peter Thiel, Alan Howard, Mike Novogratz, Louis Bacon of Moore Capital, Richard Li of Hong Kong-based Pacific Century Group, and Christian Angermayer of Germany-based Apeiron Investment Group. Japanese banking giant Nomura is also an investor.

These backers collectively participated in a $300 million round for Bullish Global. The rest was injected by Block.one in the form of $100 million cash, 164,000 bitcoin (worth over $9 billion at current prices), and 20 million EOS tokens (worth about $227 million at current prices).

Source: The Block

On May 10, the Coinbase app topped the U.S. Apple App Store, a position the crypto exchange hadn’t been in since late 2017.

According to data compiled by The Block Research, Coinbase broke top 10 charts in mid-April before reaching the #2 slot on April 14. This was the same day the crypto exchange became a publicly traded company on NASDAQ.

The app dipped below the top 10 apps for a short period before climbing up on May 4, the same time the art auction house Sotheby’s partnered with Coinbase to accept bitcoin and ether for physical art payments.

Give us a call on +31 85 2250 510 or email us at support@crypto2cash.com. Our members of staff are available between 9.00–18.00 CET to answer any question you may have, especially in regards to easily selling your crypto for fiat currencies.

www.crypto2cash.com

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Где

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4. ЗАКЛЮЧЕНИЕ

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7.