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When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
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Bitcoin’s (BTC) price hit another all-time high at $69,000, while Ether (ETH) continued its long slog toward $5,000 after reaching a new high at $4,868 earlier on Wednesday. Shortly after hitting this fresh milestone, however, traders began taking profit, leading to a nearly $7,000 drop, which plunged BTC’s price below $63,000.
When that’s the case and demand increases, the price of that underlying asset goes up. Roughly speaking, this is the simplest way to address how the prices of cryptos fluctuate.
Cardano (ADA) broke and closed above the downtrend line on Nov. 9, indicating that the selling pressure is decreasing. The bears are currently attempting to pull the price back below the breakout level.
We’ve talked to investing experts and financial advisors who advise against sinking much of your portfolio into the asset class for this very reason. They work with clients to make sure volatile crypto investments aren’t getting in the way of other financial priorities, like saving an emergency fund and paying off high-interest debt.
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Business News › Markets › Cryptocurrency › Top cryptocurrency prices today: Cardano, Polkadot, Dogecoin shed up to 5%
With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
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Since its inception, Binance has quickly become the largest cryptocurrency exchange in the world. Binance is primarily known for its low fees and large amounts of liquidity. The exchange currently offers more than 500 cryptocurrencies and over 1,200 trading pairs. This certainly makes it an attractive place to trade as crypto investors can have their pick of almost any digital asset they wish to trade.
Traders can choose strategies such as day trading, where positions are opened and closed within a day for quick profits, or go for a scalping strategy, taking small profits from a large number of trades. Other strategies include trend trading, swing trading, and position trading.
Safemoon investing will be made much more accessible if this happens, leading to more accurate price data. Time will tell whether this happens, but keep an eye out in the months ahead.
Like traditional currencies, cryptocurrencies express value in units — for instance, you can say “I have 2.5 Bitcoin,” just as you’d say, “I have $2.50.”
While no official announcement by either of the companies in question has been made in regards to a partnership, social media is full of users waiting for the statement.
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Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.