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SafeMoon is a newly added cryptocurrency that has seen a rise in its rates since its launch in March 2021.
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QUIZ: Do you everything that brands are doing to drive awareness about cryptocurrencies?
The number of people who utilize crypto coins (i.e., utility) and for what purpose impacts their price. The price will rise if more people use them to buy goods and services rather than just holding them.
These are just two of the cryptocurrencies that challenge Safemoon’s dominance, and some, like Bitrise, face very stiff competition against Safemoon on the basis of the products on offer, among many other features. From the powerful wallet to exchanges, among many other products, the coin is one of Safemoon’s toughest competitors.
Verdict: When it comes to the number of cryptocurrencies available for trading, Binance.US is relatively in line with other U.S. based crypto exchanges such as Coinbase, Kraken, and Gemini. However, it certainly cannot compete with its parent company, Binance.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
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As its name suggests, you can use cryptocurrency to make purchases. But your purchasing power is limited; crypto isn’t yet widely accepted among retailers and other businesses.
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.
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Buying interest in options tracking cryptocurrency ‘exploded’ after launch of bitcoin exchange traded fund
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.
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With cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana touching all-time highs, the number of traders has also grown exponentially, said market watchers. Top exchanges have recorded a 200-500% jump in the number of day traders who make money merely by taking positions in various crypto assets.
In the last 24 hours, Bitcoin peaked at a new record high price of $68,568.85 according to Coinbase.