Bitcoin Dominance Lowest Since May, ‘NFT’ chosen word of the year

3 min read | November 26, 2021 05:15 PM AEDT | By Daniel Paul Johns

Google News:

Bitcoin Dominance Lowest Since May, ‘NFT’ chosen word of the year — Image source: TeeStocker, Shutterstock.com

Recent News

The Contrarian's Map: Which ASX Sectors Look Cheap Right Now

Buying a Dollar for Seventy Cents: What Does Value Investing Actually...

Growth at What Price? A Sensible Framework for Buying ASX Tech After t...

Best ASX Tech Stocks: Durable Moats After the Shakeout

Make Kalkine Media
My Trusted Source

Highlights

Bitcoin’s market dominance currently sits at 39.6 percent

The estate of JRR Tolkien has successfully blocked a cryptocurrency baring the same name as the legendary author

Collins Dictionary has declared ‘NFT’ as 2021’s word of the year

The price of Bitcoin rebounded overnight, climbing over three percent in the past 24 hours.

This comes just a day after it was reported that Bitcoin dominance had slipped to below 40 percent for the first time since May.

According to Coingecko.com, Bitcoin’s market dominance currently sits at 42.2% percent.

Before May 2021, the last time Bitcoin’s dominance had been below 40 percent was in June 2017.

Meanwhile, second-largest crypto, Ethereum, has a market cap of 19.2 percent

Bitcoin is currently priced at US$57,802.07.

Crypto Blocked By Author’s Estate

The estate of JRR Tolkien has successfully blocked a cryptocurrency baring the same name as the legendary author.

The cryptocurrency, called JRR Token was launched in August and lawyers for the author’s estate say that the crypto infringed on the author’s trademark of his iconic Lord of The Rings novels.

The developers of the crypto had created websites jrrtoken.com and thetokenofpower.com, selling and promoting the cryptocurrency. The website featured rings, hobbit holes and a wizard like Gandalf.

Moreover, the crypto’s website featured the line, “One token to rule them all” which is very similar to the line in The Lord of the Rings, “One ring to rule them all”.

The crypto’s developers were required to pay the estate’s legal costs, which they say were significant.

The developer defended the crypto, saying that it was a parody not meant in any bad faith. He further added that JRR stood for: Journey through Risk and Reward.

It’s not the first time that crypto developers have tried to build on an existing brand.

In October, after the popular Netflix TV series, a crypto called Squid Game launched on the market. It was later reported to be a scam.

NFT Chosen Word of the Year

Collins Dictionary has declared ‘NFT’ as 2021’s word of the year. The word – or acronym – which stands for ‘non fungible token’, surpassed other considered crypto words, including ‘Metaverse’, and of course ‘crypto’.

Collins Dictionary defines an NFT as “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset, such as an artwork or a collectible”.

Winners and Losers

winners and losers in cryptocurrency trading

Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.