The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
The price movements can be seen moving along a descending triangle on the charts. The digital asset can be seen accumulating currently, hinting at a breakout to higher highs. But a slight pullback to support levels can be expected. On the downside, a fall to the bottom can prevail, which is unlikely.
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The most fundamental thing you need to understand about Safemoon is that it is not a crypto coin. It is a token that operates on the Binance Smart Chain (BSC). In crypto jargon, a coin is a cryptocurrency that operates on its own blockchain. It is not the same as a token.
Decentralized NFT Marketplace: The EverGrow team is also creating the world's first decentralized NFT lending platform. The platform will be based on BSC, which would enable NFT owners to easily borrow against their NFTs as collateral at reasonable interest rates without having to sell them. This will allow individuals to generate money just by lending their NFTs.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
A strong rebound off the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will have to push the price above $55.09 to signal the resumption of the uptrend. The next target objective on the upside is $63.08.
With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
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The team announced a few days back that Safemoon whales had joined the coin. Since then, there has been an influx of new crypto members joining Bitrise coin. All these factors have significantly driven the market cap up by +$200 at the time of writing. But what are the underlying factors driving the huge number of investors joining Bitrise crypto coins every day?
This breakout happened in the recent weekend and consequently the uptrend resumed and Bitcoin is now on way to challenge its previous life high yet again.
Despite its size and name recognition, Binance has had issues with regulators. In 2017, Binance left China and re-located to Japan and Taiwan before eventually moving to Malta. However, in February 2020, after Malta announced that Binance was not actually within its jurisdiction, the exchange quickly changed positions and declared that it doesn’t have a headquarters because Bitcoin doesn’t have a central headquarters.
On the other hand, cryptocurrencies come with a host of risks and drawbacks, such as illiquidity and value volatility, that don’t affect many fiat currencies.
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.
Karony likens SafeMoon’s holder payments to the beginnings of businesses like Amazon.com Inc., where “earlier investors receive higher returns and growth because the initial risk they took was higher than those who joined later.”
As long as prices avoid closing below this barrier, odds favor a resumption of the uptrend toward a new all-time high at $4,574.
Cryptocurrency trading is the act of speculating on cryptocurrency price movements via a CFD trading account, or buying and selling the underlying coins via an exchange.