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On Tuesday 9 November, Bitcoin’s price was trading up by roughly 11.5% on the last week after soaring to a new record price of over $68,000 on Tuesday morning.
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From a technical perspective, Bitcoin’s price action appears to be contained within an ascending parallel channel that developed since Oct. 4. Every time BTC has risen to this technical formation’s upper boundary since then, it has been rejected and retraced to the pattern’s lower edge. From this point, it tends to rebound, which is consistent with the characteristics of a parallel channel.
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?
Blockchain. A permanent online ledger that functions as a public accounting of cybercurrency transactions that have been executed. New “blocks” are added to the blockchain after the confirmation of each set of transactions.
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Litecoin zoomed 18.71% to $246.43 and Uniswap was trading 3.31% higher at $26.65.
Cryptocurrencies are often traded in lots – batches of cryptocurrency tokens used to standardise the size of trades. As cryptocurrencies are very volatile, lots tend to be very small: most are just one unit of the base cryptocurrency. However, some cryptocurrencies are traded in bigger lots.
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What are the challenges facing IT firms as employees return to office? Is crypto too mainstream in India to be banned? Is it ... Coinbase slumps after reporting lower-than-forecast revenue of $1.24 bn
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Shroder said in a statement he is looking “forward to sharing our exciting story with the broader investment community as we begin our journey toward IPO.”
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It's likely SafeMoon - the 203rd-ranked cryptocurrency on CoinMarketCap - will eventually be listed on further exchanges. This is especially likely after Coinbase CEO Brian Armstrong tweeted in June: "Our goal is to list *every* asset where it is legal to do so."