Cryptocurrency Market News: Bitcoin’s dominance hits a 12-month low but could recover amid a market crash

Here is what you need to know on Saturday, August 8

BTC/USD has dropped to $11,500 but remains the strongest cryptocurrency while most major coins have seen significantly worse crashes.

ETH/USD had a notable drop towards $360 before quickly bouncing off the daily 12-EMA and it’s currently trading at around $370.

XRP/USD had the worst dip today with a 10% price rash to $0.27 losing the critical $0.30 support level.

Ocean Protocol is again, the best performing cryptocurrency with a 25% price increase ignoring the current bearish action in the market. Elrond, which we haven’t seen for some time has finally reawakened and it’s up 12% in the last 24 hours hitting $0.023 and aiming for a new all-time high.

Chart of the day: OCEAN/USD daily chart

Market

Bitcoin’s market dominance has fallen to a year-low after slipping to 60% for the first time since June 2019. This event didn’t last for too long as most major cryptos had a notable 7-10% crash just hours ago while Bitcoin remained strong. Its current market dominance has risen again and its currently at 61.5%. 

Something else is on the rise, Nigerian crypto activity has been going up significantly in the past few months. Many reports show that Nigeria is one of the best performing countries when it comes to the adoption and usage of Bitcoin. Recent statistics have shown a 60% increase in the usage of Blockchain.com’s web wallet. 

Blockchain.com also released a few more statistics showing that Nigerians have been searching for Bitcoin the most on Google. According to the top-performing countries table by Blockchain.com, Nigeria is now ranked 5th while Peru and India remain first and second. 

Industry

Good news from India after the recent rumors over a new possible ban on crypto. CoinDCX, a popular Indian exchange is the first to offer the ability to stake cryptocurrencies. According to the Mumbai-based exchange, users will be able to stake three cryptocurrencies, Harmony (ONE), qtum (QTUM), and Tron (TRX) starting today. The minimum number of coins to stake is 100 ONE coins, 1 QTUM token, and 5 TRON tokens. 

We want to make staking very simple for our users, said Neeraj Khandelwal, co-founder of CoinDCX.

Quote of the day

We are seeing more managed money and, to an extent, institutional money entering the [crypto] space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?– Olaf Carlson-Wee