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Markets Turn Red as Top Altcoins See 10% Losses — Can Bitcoin Hold On?

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Markets Turn Red as Top Altcoins See 10% Losses — Can Bitcoin Hold On?
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The cryptocurrency market is seeing a sharp downturn of up to 10 percent for some of the top altcoins after a long period of positive and progressive movement. However, the good news is that Bitcoin, the major cryptocurrency, is seeing losses of only a few percent.

Bitcoin is down just over one percent at the time of publication, while the likes of EOS, Litecoin, Binance Coin and Cardano are all closer to losses of 10 percent. It is positive that Bitcoin is holding strong, but it begs the question as to whether it has enough power to turn this sharp downturn into nothing more than a blip.

Following a period of positivity

The cryptocurrency markets have been seeing a long period of positivity, dubbed the cryptocurrency spring, with very little drops in value across the top coins. The growth has been steady and progressive, helping many note that the bear market is over.

In this time, there have not been massive drops in value, but rather a few consolidations. This could well be a consolidation again, as Bitcoin recently broke as high as $5,500 after hovering between $5,200-$5,300.

Bitcoin holding up

It is positive that Bitcoin has managed to stay above the $5,500 mark, and looks like that floor is quite steady and has enough resistance to keep the major cryptocurrency up. Altcoins have always been more prone to volatility and big swings anyway.

If Bitcoin was to hold above the $5,500 mark, then one could comfortably assume that the market decline won't get much worse – altcoins may well keep falling, but in general this sharp dip should be seen more as a consolidation than anything.

Bullish sentiment

Another factor to consider is that the bearish sentiment that plagued the cryptocurrency market through much of 2018 is now nearly all gone. It has been replaced by a bullish mood, but maybe not quite a bullish rally.

That means that any negative price movements should be countered quite quickly, and the power of negative price movements should not scare off investors like it did through 2018.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Ripple's Partner Wants to Transform Gaming Industry with XRP

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    Forte reveals the benefits of using Ripple's XRP for creating digital economies

Ripple's Partner Wants to Transform Gaming Industry with XRP
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San Francisco-based company Forte, which formed a $100 mln fund in partnership with Ripple's investment arm Xpring back in March, keeps working on applying the blockchain technology in gaming.

Recently, Forte co-founder Brett Seyler explained the benefits of using XRP.  

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Blockchain-based gaming economies  

Forte is helmed by top-tier industry executives (including its founding CEO Kevin Chou) who are not focused on creating new powerful economies within the $140 bln gaming while making it more decentralized. 

There have been multiple attempts at creating a killer gaming dApp, but the technology is still way too cumbersome for the average Joe. Forte wants to address the adoption problem by making such games more approachable.       

“Creating game economies with multi-sided participation, open markets and increased transparency offer a potent solution to the challenge of the complexity plaguing game developers that result in stagnant economy design,” said Seyler.  

Blockchain is a perfect tool for creating peer-to-peer gaming economies since it could make in-game transactions easy, fast, and transparent.       

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The impact of XRP  

In order to make the magic happen, Forte utilizes the Interledger protocol (ILP) that was created by former Ripple CTO Stephan Thomas for establishing connections between multiple blockchains. 

On top of that, the startup also uses XRP for increasing the level of interoperability as well as security and liquidity.  

Since its inception, Xpring invested more than $500 mln in around 20 companies to streamline the adoption of XRP.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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