Overall, it appears from these results that cryptocurrencies may experience short term intervals of co-movement, caused by sector wide news or cross market contagion, though correlation is likely to change dependent on the nature of the causal event and market environment. In the medium and longer term Bitcoin and Litecoin are strongly related; it is believed this is due to their similarity.
Bitcoin is increasingly viewed as a legitimate means of exchange. Many well-known companies accept Bitcoin payments, although most partner with an exchange to convert Bitcoin into U.S. dollars before receiving their funds.
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“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
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“I think it’s really important to keep your eyes open,” Johnson says. “Don’t get the FOMO at a fever, because it’s very volatile. No one should invest anything that they can’t afford to lose, and that’s the same advice I give for any kind of an investment.”
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Brian Brooks comes onboard for the crypto unicorn as they prepare to go public in the next 12 months in what would be Europe’s biggest cryptocurrency valuation. The firm is also planning to expand its mining business.
Fig 1. Price series for each cryptocurrency considered (each cryptocurrency priced in USD).
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SafeMoon stands from "Safely to the Moon", a phrase that was adopted by Redditors about DogeCoin which refers to the price flying upwards "as high as the Moon".
The Bank of England's Sir Jon Cunliffe raises concerns about the financial stability risk of cryptocurrencies.
“If you were to wake one morning to find that crypto has been banned by the developed nations and it became worthless, would you be OK?” Frederick Stanield, a CFP with Lifewater Wealth Management in Atlanta, Georgia, told NextAdvisor recently.
When the coin gets accepted the way Dogecoin and Shiba Inu have, SafeMoon’s price could propel to new highs. It’s only a matter of time for that to happen and won’t take too long to get there.
Nelson primarily invests in low cost index funds because “I can see history on that,” she says. The newness of cryptocurrency and lack of trackable data make her wary of these crazy swings.
SHIBA INU (SHIB) rose above the downtrend line on Nov. 9 but the bulls could not sustain the higher levels. This shows that every rise is being sold by the bears.