This suggests that bulls have flipped the $1.24 level into support. This level could now act as a launchpad for the next leg of the up-move. The XRP/USDT pair could rally to the overhead resistance at $1.41 where the bears are expected to mount a stiff resistance.
On the other hand, if the price turns down from the overhead resistance, it will suggest that traders are defending the level aggressively. The bears will then make one more attempt to pull the price down to the 20-day exponential moving average (EMA) ($566).
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BTC remains the most valuable and profitable of all cryptocurrencies, which will be the case for a long time. The price, market volume, and market cap of bitcoin are far higher than other cryptocurrencies. Even though there are thousands of other coins in the market, bitcoin still accounts for more than 40% of the crypto market cap, making it an ideal investment option for beginners and experts in cryptocurrency.
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Bitwise’s chief investment officer explained why the firm has decided to drop its Bitcoin futures ETF and focus on the spot Bitcoin ETF.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
At the moment, Binance.US officials promise that this gradual coverage is only the beginning, making it their mission to eventually include as many US states as possible.
Some teams have no issue with leveraging the power of social media by paying influencers to promote their coins. With a few heavy hitters on your side, you can spread rumours nearly instantly. If people are talking about your project, you win.
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The price hike of Bitcoin, along with Ethereum, represents another wave of support for major cryptocurrencies as investors and crypto fans hope to usher the coin to a landmark $100,000 in value for 2022.
As of Wednesday 9 AM (GMT+3) November 10th, here are the prices of the top 10 cryptocurrencies:
But that doesn’t mean it’s completely secure in the same way most people consider the U.S. dollar or other established currencies to be secure. Since cryptocurrency isn’t backed by any governmental authority, it doesn’t have the same protections as many standard currencies throughout the world.
El Salvador's move to adopt Bitcoin is the first time Bitcoin has been adopted as a legal tender in a sovereign nation.
Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.