Is Bitcoin in a course of the recovery? cryptocurrency plays a marionette puppet show in its market.
What does it mean for Bitcoin to recover its price reaching 40 million won? Bitcoin is not just one of the cryptocurrencies. Basically, the value of Bitcoin is linked with the price of other altcoins. Accordingly, once the price of Bitcoin recovers, the price of other altcoins will rise as well.
As Bitcoin is leading the market, the price of alternative cryptocurrencies (commonly called altcoins), which are listed on the Bitcoin market, simultaneously follows the price fluctuation of Bitcoin. The same goes in the Ethereum market. When the price of Ethereum, which is the main coin in the market, goes up and then the price of other coins listed in that market moves to the same direction. It is also possible that an additional increase or an unexpected decrease occurs depending on the particular situation of each coin. However, the fundamental value of those coins lies in the main coin in the market, because the leading coin serves as a stable currency in the market.
Consequently, there are some cases where a market is created with USDT stable coins, or exchanges create a market that is trading their coin. However, these markets are lack of public confidence and exchangeability. Binance, the world's largest cryptocurrency exchange, issued Binance Coin (BNB) which is a native coin of the market. And this coin is listed on other exchanges such as Bitcoin and Ethereum. One can use BNB to pay for trading and transaction fees on the Binance exchange, Binance Dex trading fees, and paychecks.
In conclusion, the price of altcoins on every market can not help dancing to the rhythm of fluctuation of the major native coins which are called "Market" in the cryptocurrency exchanges. It is like a marionette doll that is connected to the performer's finger with a string and dances to the movement of the performer. That is the reason why a stable cryptocurrency is strongly needed. Fortunately, we are one step closer to create a market where MobiDollar, which could be a yardstick, is traded as a key currency on the exchanges to meet the demand of the times and environment.
ISEA Foundation plans to encourage many exchanges to participate in the MobiDollar market by offering opportunities to contribute to international civil society. As a result, there are more than 10 exchanges that agreed on listing the Mobicoins in the exchanges. Furthermore, the technology consortium of ISEA Foundation,TheFor consortium, is discussing details with overseas fintech companies, which are working on the government programs, via online meetings after approving their participation in TheFor consortium.
-Henry KIM -
-ISEA Foundation / Blockchain business department-