"Play-to-earn" cryptocurrency is where people buy tokens to use in online games and can earn more tokens which can later be exchanged for other cryptocurrencies or national currencies.
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The V2 upgrade is on schedule for launch, and the addition of new pairs to swap has increased the accessibility of the token for holders.
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The value of cryptocurrency is also driven by scarcity. This alludes to the cryptocurrency’s finite mechanism. The Bitcoin protocol sets the maximum amount of BTC that can be mined at 21 million. Therefore, as more people enter the crypto space, Bitcoin’s scarcity will inevitably increase, causing its price to increase. Some coins also use the burning mechanism to increase their value by destroying a portion of the supply.
NYC is getting its own city coin in line with the incoming mayor's crypto hub vision
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Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
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The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
It might be time to remind the millennials that all that glitters is not gold. At least some cryptocurrencies — the new-age investment asset class — are on the verge of extinction. After all, not all tokens are created equal.
This level is likely to act as a stiff resistance but if bulls do not give up much ground, the ETH/USDT pair may overcome the barrier and rally to the next target objective at $5,283.17.
The price fluctuations came as conflicting reports on whether Chinese property giant Evergrande had "defaulted" on its loan surfaced.
Tim Cook says he owns cryptocurrency - but don't expect it at Apple any time soon
Ripple (XRP) broke and closed above the overhead resistance at $1.24 on Nov. 8, signaling that bulls are attempting a comeback. The bears tried to pull the price back below $1.24 but failed to sustain the lower levels.
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