Bitcoin (BTC) is retaking market share from altcoins after its market capitalization dominance hit its highest since November 2021 last week. Data from CoinMarketCap and TradingView reveals BTC briefly accounted for over 42% of the overall crypto market cap in late January.
Having suffered on the way down from its all-time price highs in November, the latest moves have allowed Bitcoin to reclaim some of its lost ground against altcoins.
Previously, attention was focused on major tokens such as Ether (ETH), Solana (SOL) and others as they capitalized on Bitcoin’s weakness. With the tables seemingly now turning, strength is flowing back to BTC, which managed to preserve 40% dominance throughout the latter half of last month.
Market cap is far from a perfect measure of market strength, as it pits established tokens against those with a short history and does not take into account the work done or value behind a given cryptocurrency’s market cap.
Realized cap, which values each unspent transaction output (UTXO) based on the price at which the coins involved in the transaction last moved, is favored by analysts. Unlike standard market cap, the realized cap has remained more or less constant since the all-time highs in November, currently sitting at $453 billion, data from on-chain analytics firm Messari confirms.
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months.
While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with an average hash rate of 190.71 exahash per second (EH/s).
Samir Tabar, chief strategy officer at Bit Digital — a publicly listed Bitcoin miner — told Cointelegraph that the BTC hash rate refers to the amount of computing power being contributed to the network at any given time. Tabar explained that when it comes to Bitcoin mining, a higher hash rate equates to a good hash rate. “The more computing power going towards maintaining a network, the more secure it will be and the more transactions it will be able to handle,” said Tabar.
As such, the recent hash rate figures for Bitcoin are extremely notable, even with the price of BTC being down. Peter Wall, CEO of crypto mining firm Argo Blockchain, told Cointelegraph that he wasn’t surprised to see the BTC hash rate hit close to 200 EH/s. Wall further stated that even with events that have recently disrupted BTC mining hash rate like the political upheaval in Kazakhstan, the hash rate will continue to grow higher each month:
“Argo Blockchain’s mining margin last year in 2021, which is our revenue minus our direct costs, was over 80%. It was a very good year for miners. In 2020, where BTC prices were much lower, our margin was 41%. So, this year I think we will still see strong margins in the space despite the recent drop in the price of Bitcoin and the increase in the hash rate.”
Cryptocurrency and video games quickly collide into an entirely new world of “play-to-earn” games as a part of a larger Web3 movement. The result is that a whole new generation of gaming experiences are being developed, one in which players are being incentivized to continue spending time in the gaming ecosystem. The result is that this trend has already overtaken traditional business models in the gaming industry. With the DeFi gaming market showing no signs of slowing down, many are looking for opportunities to join in, effectively taking part in this new movement. The decision then becomes which game holds the most potential.
One key differentiator is the presence of a credible backer, which can suggest that the direction a game might be venturing down has a good chance of turning out. Devikins, a blockchain game developed by developers with AAA experience and backed by Klever, making it one of the newer games worth calling out.
Klever has increased in popularity in the TRON ecosystem, being known for its wallet and proprietary token, KLV. Together, the involvement of Klever with the Devikins game may result in a mutually beneficial arrangement, allowing Klever to one day overtake the price of TRON and Devikins to deliver a gaming experience in which players can earn. Klever.io remains one of the project’s main partners, helping the Devikins team develop their blockchain and sitting alongside them as advisors. Furthermore, while Devikins is currently being developed on the Tron blockchain, plans include moving to the Klever blockchain post-launch.
Devikins is played as a mobile game in the Japanese Role-Playing Game (JRPG) genre. The game was developed by MoonLabs, creating an ever-expanding world with a player-first mentality. As a result, each playable character player is a nonfungible token (NFT), making each player the sole owner of a wholly unique playable character with value in the Devikins universe and the physical world as well. Following the JRPG genre, players will note many features common in classic games, where the waters of nostalgia run deep and the soundtrack is one worth listening to.
This Daily Dose was brought to you you Cointelegraph.