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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
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media
