Bitcoin has noted a host of varying narratives with regard to its potential use-cases over the past decade. However, despite being developed to take on normalized forms of currency such as central-bank regulated fiat, Bitcoin has struggled to pose a threat owing to its network-intensive process of validation and consensus.
While most upgrades have sought to bring down network congestion by making the process quicker such as in the case of layered solutions like the Lightning Network, technological improvements such as its coin selection algorithm may also play a crucial part.
On the latest episode of the Stephan Livera podcast, Bitcoin Engineer at BitGo, Murch, spoke about Bitcoin coin selection and its impact on transaction fees on the Bitcoin network. Coin selection roughly refers to the manner in which the Bitcoin networks algorithm ends up selecting coins from its UTXO [unspent transaction output] for upcoming transactions.
With regard to the need to balance privacy versus reducing transaction fees when choosing whether or not to consolidate UTXOs, Murch argued,
“It totally depends on your tradeoffs and that’s also why there’s no one size fits all coin selection for everyone and not one size fits all UTXO management for everyone.”
According to data from Glassnode, since the start of the year, while the price has registered notable fluctuations, Bitcoin’s transaction count has recorded a relative decline, mirroring the price pattern to a certain degree.
Murch also argued that there are many implications when it comes to managing large wallets as there are smaller pieces of Bitcoin in them. He also noted that as larger enterprises get more deposits than withdrawals, they really need to figure out how to combine smaller units of the crypto into larger chunks. He highlighted,
“They really have to consider how they will ever combine all those tiny pieces of Bitcoin into two larger chunks because when the fees go to 200 you don’t want to send a transaction with over a hundred inputs in order to pay us and go withdraw.”
Murch further noted that spending inputs should be cheaper because it makes it easier to reduce the UTXO and with updates like the Schnorr/Taproot implementation, the cost of sending Bitcoin is going to be a lot cheaper, something that may even attract more use-cases and a wider audience towards the world’s largest cryptocurrency.
Altcoins Boosted by Bitcoin Dominance Falling to 10-Week Low
Bitcoin dominance has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total cryptocurrency market cap, a 10-week low.
Bitcoin dominance year to date. (Source: tradingview.com)
The end of last month saw the start of a sharp down leg, which has had the effect of sparking life into the alternative cryptocurrencies.
Today sees a strong performance by the altcoins against Bitcoin, leading many to wonder if the long-awaited altseason is imminent.
Is Bitcoin Dominance Starting to Break Down?
Bitcoin dominance measures the market cap of BTC against that of the rest of the other cryptocurrencies. It serves as an indicator of Bitcoin’s strength about the altcoins. As such, when BTC dominance falls, altcoins pump.
The metric has long been used as a guide to predict the coming of the so-called “altseason,
where exponential increases in altcoin valuations lead to a frenzy of activity in the market.
And as Bitcoin dominance continues to show signs of weakness, expectations are heightened for altseason to arrive soon.
With that, a trader noted that BTC dominance had broken down from its bear flag. While he warned of a possible fakeout, he also stated that this move could be the start of a favorable macro trend for the altcoins.
“focus on the next important key level 65,65% (red line), once it breaks ->altcoin party – strongly defended though for now might be a fakeout.”
Bitcoin Dominance Update 💯
Accuracy of this thread continues to be 100%
– you see a breakout out of the bearflag as expected, but…
– focus on the next important key level 65,65% (red line), once it breaks ->altcoin party
– strongly defended though for now might be a fakeout pic.twitter.com/1IKfejDOh1
— AN₿ESSA (@Anbessa100) June 26, 2020
Small and Micro-Cap Altcoins Gaining Ground
But before investors can officially call a start to altseason, Bitcoin dominance needs to drop much further, to the 58% level for this to happen. Standing in the way is strong support at around the 64% level.
Despite that, the majority of altcoins listed on Binance have today posting gains against BTC. The list of multiple double-digit gainers includes Aave, Fantom, and Chainlink, with Dogecoin leading the charge against BTC.
Dogecoin’s surprising performance is a result of viral exposure on TikTok. Thousands of creators on the social media platform have called on followers to buy Dogecoin in the hopes of driving it up to $1.
Community insights analysts, LunarCRUSH tweeted that social media mentions of Dogecoin were up significantly, having reached 2,294 occurrences within a day.
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) July 7, 2020
Although it’s too soon to call a start to altseason, the recent performance of some of the small and micro-cap coins would say otherwise.
That includes the likes of Zilliqa, up 223% in three months, and VeChain, up 214% in three months. Meanwhile, for comparison purposes, Bitcoin is up only 27% over the same period.
Investors have mostly forgotten about Dogecoin, until now. But with its ranking as of today’s top performer, it’s clear that investor sentiment has already flipped towards the altcoins.
Is this a trend that will continue to spread across the rest of the alt markets?
A look at Fairspin Crypto Casino
Check out our full Crypto Casino List for other betting providers.
It is illegal to gamble under the age of 18 –
Promoted post – Part of our Bitcoin Gambling series
In this article, we’ll have a look at a recently launched Crypto Casino called Fairspin, which is offering both fiat and crypto deposits and a range of games. Registration with the platform is straightforward, although I do note that they require both an email address and a phone number when registering.
The casino uses their own token called TPlay, so any of your deposits will be converted into that, and it’s clearly outlined at the time when you’re on the deposit screen what these are. When you sign up, it offers you a 120% bonus, as well as 30 free spins with one of the slots. There are options to pay with fiat (visa/mastercard), or cryptocurrencies with Bitcoin, Ethereum, Dash, Litecoin, zCash and Tether available. The bitcoin blockchain was pretty congested at the time of writing, so I made a deposit using ethereum. Once the transaction confirmed a couple of minutes later, I got an alert by email telling me the funds were on my account, as well as the bonus funds. These bonus funds have a 25x wagering requirement to withdraw. The casino also features a cashback, offering 5% for the first couple of days, which then drops to 2% and then 1% after about a month. This gives funds back to your main balance, not your bonus balance.
The casino has a dark colour scheme, with a range of games from betting providers including Spinomenal, Microgaming, Betsoft, QucikSpin, Pragmatic Play, Playson, PGSoft, Booongo & Pragmatic Play Live.
The casino game section features a pretty solid range of tournament slots, slots, roulette, card games, video poker and then a range of live games. There was the option of a lottery, however it was blank at the time of writing.
I started off by having a look through the live casino. here it gave me three types of games, roulette, baccarat and my personal favourite blackjack. Some of them also had localised versions, with German, Russian, Macau & Turkish rooms available for Roulette.
The table I was at had a polite croupier, very high quality video and good audio, with a full table. The bets default to 10 dollars which was the minimum for the rooms available, which did catch me out on my first bet, and bonus funds aren’t eligible for play in the live casino. The betting sizes are 1, 5, 10, 20, 100 & 500 dollar bets. I played a couple of hands and unfortunately lost, so decided to move out of the live casino and give the slots a shot.
All the slots have a demo version, so you can give them a bit of a spin before committing real money. I tried a couple, crystal land is a variation more akin to a match 3 game where you spin and if the colours match, they get destroyed and you win. It also had frozen sections on the side so if you get them, it drops more and you can get combinations. There was quite a variety of games, with single line, some video-game style slots, and then a number of multi-line games. All of the games have sound, with some also featuring music, which is easy to switch on or off, and a full screen option if you want to play without distractions.
I then went into have a look at some of the roulette games. Now here I did notice some were using flash, and as I was using Brave browser (which has flash disabled) so I didn’t have the full range of games available to me. I played a couple of rounds on European roulette, and thankfully broke even or won on the games I played. So I decided then to move onto classic blackjack and played a couple of hands. I lost most of what I played, not having much luck on the night unfortunately.
Moving on from there, I remembered that I had gotten 30 free spins with my deposit, so when I went into my balance screen, it told me the game was 4 Horsemen. This autostarted, and I won a lot of the rounds, and there was bonus multiplyers on some spins, as well as additional free spins so I actually got about 42 free spins in the end instead of 30. I had no control over it though, as the spins happened automatically and at the end the bonus funds were added to my account.
So now I wanted to see how getting funds off the platform was like. I had several bonuses, one from my first deposit bonus, and the second from my free spins. You can’t withdraw without cancelling your bonus funds. Now normally I’d use them first, but as I do want to test getting funds out, I cancelled both the bonuses I had received from my first deposit and the free spins.
I chose to withdraw by ethereum, and for this it told me that the minimum withdrawal was 10 TPlay (equivalent to 0.01 ethereum) which is pretty low, so I went ahead and put in my wallet address. Once concluding the withdrawal, it said it would be processed in about 15 minutes. I did the deposit at 9:15pm and they were confirmed in my wallet by 9:53pm, so there wasn’t a major delay on this, and I was pleased with how smooth the process was. I didn’t have any KYC to do though when withdrawing, although the T&C’s say this may happen with larger withdrawals.
So all in all, summing up my experience of Fairspin casino; the casino is new so it has a solid selection of games, although maybe not the biggest range compared to more established crypto casinos, but more than enough for me to have a good session playing a range of games. Other than the few games that didn’t work because of Flash, all the games were bright, had nice graphics, pleasant audio and it was great to be able to do the demo mode on the casino games and figure out if I liked a game before betting real funds. The live casino does have a higher minimum bet than others I’ve tried, which might put some people off, but they had high quality streams and every table I played on was full with plenty of other players. Getting funds off the Fairspin casino was simple, the conversion between fiat/crypto and TPlay is clear, and getting funds off the platform was a smooth, fast experience and faster than lots of other casino’s I’ve tried.
Litecoin in a Brief Surge, Setting up for a Potential Relief Rally
Litecoin rebounded above $41 as the coin reached a high of $43.88 high. Following the recent breakdown on June 27, the bears pushed the coin to $39 low.
The price corrected upward and consolidated above $41 support. The bulls have broken the minor resistance at $42 but the price was stalled at $44.50 resistance.
Litecoin is now fluctuating below the current resistance at $44.50 and above $43 support. A strong bounce above $43 will propel price to break the current resistance and the momentum will extend to retest the $48 and $50 resistance. The crypto will continue to consolidate above $43 if the bulls fail to break above the current resistance.
Litecoin indicator analysis
The price has broken above 12-day EMA and the 26-day EMA. This suggests that LTC will rise if the current momentum is sustained above the EMAs. Presently, LTC is above 40% range of the daily stochastic. It indicates that the market has bullish momentum.
Key Resistance levels: $80, $100, $120
Key Support levels: $50, $40, $20
What is the next move for Litecoin?
Litecoin bulls have successfully defended the $40 support which has not been broken since April. Each time the bears push the coin to $39 low, the bulls will buy the dips to push the coin upward. Nevertheless, buyers have to sustain the current momentum above the EMAs. A downward move will ensue if price breaks below the EMAs.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
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