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Crypto data aggregation platform, CoinMarketCap, recorded an increase in Bitcoin’s trading volume of almost 21% over the last 24 hours as of 2.25pm, with the cryptocurrency’s trading volume reaching $41,758,072,990.
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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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The above prices are as of 01.09 pm IST on November 9 (Data courtesy: coinmarketcap.com).
Cryptocurrency markets are decentralised, which means they are not issued or backed by a central authority such as a government. Instead, they run across a network of computers. However, cryptocurrencies can be bought and sold via exchanges and stored in ‘wallets’ .
A layer-one smart contract platform, Fantom, is another take on smart blockchain commonly represented by Ethereum, Solana and the likes. However, its compatibility with the ERC20 standard ensures that users can purchase an Ethereum-compatible FTM token, which can be converted to a native FTM compatible token once they initiate a transfer to their wallet.
You may be wondering what to make of cryptocurrency and whether it has a place in your portfolio. But if you’re not familiar with digital currencies or blockchain technology, even the basic concept can be overwhelming.
Fig 6. Wavelet coherence between Ethereum new authors and price decomposed for different period bands (with GSADF test bubble overlay).
Importantly, cryptocurrencies can be exchanged for fiat currencies in special online markets, meaning each has a variable exchange rate with major world currencies, such as the U.S. dollar, British pound, European euro, and Japanese yen.
We’ve attempted to list the most relevant factors involved in crypto price fluctuations, but in this fast-paced industry, it’s likely more will arise as the market develops. If you think we’ve missed any, feel free to let us know.
Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns around inflation and global rate hikes are clearly on investors’ minds.
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.
Assets hovered at record highs even after the Fed said that "asset prices may be vulnerable to significant declines."
Note that backing up a wallet doesn’t duplicate the actual cryptocurrency units, merely the record of their existence and current ownership.