World’s biggest cryptocurrency “Bitcoin” is back on track with an upside move after a short correction. Price jumped above $10,800 as bulls are in full control of the market.
Although, market capitalization is not the only criteria to evaluate the performance of a cryptocurrency, but it helps you understand the price trend. Overall market cap of crypto market stands at around $288 billion, up from $260 billion in July.
Market cap of Bitcoin stands at around $191 billion, with market dominance of 66.8% (Highest level since Dec 2017). First target for BTC is the $200 billion market cap
Dump Altcoin, Buy Bitcoin
The general perception in crypto market these days is that investors are dumping altcoins for bitcoin. Growth of all the major cryptocurrencies (excluding bitcoin) have been stagnant as there is no clear trend. On the other side, BTC is gaining the lost market cap from all the other altcoins, BTC is pushing higher, not only in terms of price, but also in terms of market cap. Consistent upside trend in market cap of BTC shows that investors are more confident in BTC as compared to any other coin in the market. Cryptocurrencies like Ethereum, Ripple, Bitcoin Cash and Litecoin are struggling to keep up the pace with BTC.
Keeping in view the current scenario, it seems pretty obvious that BTC is likely to move upwards in coming weeks and months. But, many crypto “Gurus” are predicting the next Alt season in coming months, so it will be interesting to see who wins the fight between
“Bitcoin vs Altcoins”
but one thing is for sure that crypto market is here to stay, it’s not going anywhere, Hold on to your coins, Crypto Winter is coming
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share