Ethereum and Altcoins slump after US employment report, but this Bitcoin Alternative is just getting started
The post Ethereum and Altcoins slump after US employment report, but this Bitcoin Alternative is just getting started appeared first on Coinpedia Fintech News
The cryptocurrency market experienced a significant slump following the release of the US jobs report, with Ethereum and various altcoins witnessing price declines. According to the ADP National Employment report, a remarkable surge in private sector jobs surpassed economists’ predictions of a 228,000 increase. However, amid this market turbulence, Bitcoin Spark is showing early resilience and potential for growth as its ICO picks up on a high.
US employment rate
Employment rates serve as an indicator of how effectively available labor resource or people available to work are utilized in an economy. It is determined by the ratio of employed individuals to the working-age population. These rates are subject to fluctuations with changes in the economic cycle. As of July 2023, the unemployment rate in the United States has declined to 3.5%. Over time, the unemployment rate has experienced a range, with a maximum of 14.8% and a minimum of 2.5%. The US employment rate can vary over time based on economic conditions and factors such as business cycles, government policies, and global events.
Ethereum (ETH)
Following the release of the employment report, Ethereum (ETH) experienced a 1.17% drop, leading to its price reaching $1,902.00. The Ethereum price prediction attributes this decline to the market’s response to the employment report findings. The higher-than-expected US jobs data has raised concerns about a potential increase in interest rates by the US Federal Reserve, impacting the cryptocurrency market.
Bitcoin Spark
The new project, Bitcoin Spark (BTCS), is a Bitcoin alternative bridging the core principles of Proof-of-Stake and Proof-of-Work while introducing improvements and innovative features. Bitcoin Spark utilizes a new blockchain-powered by the Proof-Of-Process (PoP) protocol. PoP merges the elements of PoS and PoW mechanisms for a unique approach to scalability, speed, and gas. It allows users to stake coins like in PoS blockchains while also contributing processing power for PoW tasks. Bitcoin Spark visualizes that PoP will ultimately enhance decentralization, security, and efficiency within the network.
As a Bitcoin alternative, BTCS employs the same Bitcoin tokenomics, and seeks solutions to some of the limitations faced by the original Bitcoin network, such as mining entry barriers, scalability, and transaction costs. Combining PoS and PoW in the PoP mechanism presents a balanced and sustainable approach to securing the network and validating transactions. The mining rewards of 16.45 million are spread across 120 years at the minimum.
Mining in Bitcoin Spark involves users staking coins like in Proof-Of-Stake blockchains. However, the correlation between staking and earnings is not direct. They also need to contribute processing power to the network, allowing clients to rent it for computing tasks. Rewards are determined based on a combination of the miner’s stake and the work done for network users. Higher stakes and more work result in higher rewards, but the emphasis is on work done to prioritize revenue generation.
Bitcoin Spark App
The Bitcoin Spark app ensures fair distribution of mining rewards regardless of the computational power of the device used, thereby enhancing network security and reducing participation costs. Secondly, it puts the proof-of-work concept to use by renting out miner computational power to companies and individuals, making electricity consumption purposeful.
The network employs a cross concept, renting out the processing power of mining devices for various needs like servers or video coding. The fees generated are distributed 100% to mining pools, and a buyback mining reward system is in place to extend the time for reward distribution by reducing the mint rate.
Bitcoin Spark ICO offers 4 million tokens, and phase one runs until August 10. The early investors get a chance to onboard the Bitcoin family. Imagine acquiring Bitcoin at only $1 and watching your investment grow to become the most valuable asset. You get one BTCS at $1.50 and a bonus of 20% on top. Your investment will have grown by 800% when the project launches at $10.
Wrap Up
The US private payrolls for June demonstrated strength despite concerns about a potential recession due to rising interest rates. However, the positive job data had a contrasting impact on the cryptocurrency market. It affects Ethereum (ETH), and other altcoins experienced declines following the report’s release. Meanwhile, Bitcoin Spark’s ICO surges ahead unaffected.
Get more BTCS info here:
Website: https://bitcoinspark.org/
