Bitcoin is a good indicator of the crypto market in general, because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends.
Cryptocurrency prices can move in spectacular fashion, and there are a variety of triggers for such volatility. Here are a few of them:
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Yield farming: An investing strategy involving staking or lending crypto assets to generate returns
SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
Jed McCaleb helped spread Bitcoin’s prominence in the industry’s early days as a result of starting Mt. Gox, a place that frequently hosted Bitcoin trading — despite its original function as a hub for fans of a game called Magic: The Gathering. However, it was rendered infamous when the platform fell apart in 2014.
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New Delhi: Major cryptocurrencies witnessed a fall on Thursday amid global inflation concerns, which made other currencies and gold attractive. Barring Solana, all other nine out of the top 10 cryptocurrencies were trading lower at 9.30 hours IST. Cardano, Dogecoin and Polkadot shed up to 5 per cent each.
With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
Dogecoin is thus notable as an experiment in “inflationary cryptocurrency,” and experts are watching it closely to see how its long-term value trajectory differs from that of other cryptocurrencies.
Binance.US Compared to OthersBinance.USGeminiCoinbaseCoins50+ cryptocurrencies40+ cryptocurrencies50+ cryptocurrenciesFees0.1% trading feeCan get a 25% discount on your fee if you hold Binance coin0.50% convenience fee$0.99 to $2.99 transaction fee; 1.49% transaction fee for trades over $2000.50% spreadTrading fee between 1.49% and 3.99% (or $0.99 to $2.99 flat fee)Wallet storageKeep coins in Binance.US account or transfer to your own walletKeep coins on Gemini account, Gemini Wallet option, or transfer to your own walletKeep coins on Coinbase account, Coinbase Wallet option, or transfer to your own walletMinimum Trade$10Equal to the smallest amount of each coin that can be traded (0.00001 BTC)$2Frequently Asked Questions
Additionally, cryptocurrencies are frequently used to facilitate gray and black market transactions, so many countries view them with distrust or outright animosity.
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Bitcoin and some other cryptocurrencies’ values have skyrocketed in recent years. Bitcoin’s price has more than doubled in 2021, and Ethereum has more than quadrupled in value this year.
After all, gold is often touted as the ultimate inflation hedge, yet it’s still subject to wild volatility — more so than many developed countries’ fiat currencies.
As explained in its roadmap, the SafeMoon team hope to begin a "community listing donation raise for several exchanges" in Q3 2021. As of July 21, this has not yet started.