Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
Meanwhile, even the most enthusiastic bitcoin evangelists are realizing that a retooling is in order. Michael J. Casey, a senior adviser for blockchain research at MIT’s Digital Currency Initiative, recently wrote about how the crypto-winter has arrived, but it may lead to better things down the line:
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In an inflationary environment, assets like Bitcoin appear more attractive to investors. The BTC price rallied to a new all-time high on Wednesday.
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LifestyleMoneyWhy is crypto down today? Cryptocurrency market crash, China ban - prices of Bitcoin, Shiba Inu and Ethereum
Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
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The pair could first drop to $4,146.30 but if this support also gives way, the correction could reach the psychological support at $4,000.
Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
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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.
Altcoins are alternative versions of Bitcoins, but with minor changes. They are often a result of a Bitcoin fork. There are many different types of altcoins.