After reaching an all-time high yesterday, total market cap of crypto currencies drops below the level of $300 billions in a roller coaster ride .
According to coin market cap, Total market cap of crypto currencies is at around $290 billion dropped from the level of $320 billion yesterday, mainly due to correction in Bitcoin.
Dominance of Bitcoin
Bitcoin is still the dominant force in the crypto market, BTC holds around 56% of the total market cap of crypto currencies and that’s why what happens to bitcoin is very important for other crypto currencies, in recent times what we have seen is that whenever there is rise in Bitcoin, other crypto currencies suffer due to outflow from those currencies into bitcoin and whenever there is downside movement in bitcoin, there is upside movement in other crypto currencies due to money outflow from Bitcoin, but now a days things are getting changed because now Crypto market is being considered as a whole, so what we have seen in recent days increase in Bitcoin is being followed by emerging currencies like Dash, Ethereum classic etc, although Bitcoin cash still have inverse relation with Bitcoin.
Top 5 Crypto currencies
According to https://coinmarketcap.com/ , Total market cap of crypto currencies hovering around the $290 billion mark and top 5 currencies according to their market cap are
- Bitcoin ($160 Billion)
- Ethereum ($41 Billion)
- Bitcoin Cash ($22 Billion)
- Ripple ($9.3 Billion)
- Dash ($6 Billion)
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