Bitcoin price skyrocketed to USD 67,803 and Ether price has gone up to USD 4,825 in the Asian trade market. Both cryptocurrencies have more than doubled since June and added nearly 70 per cent against the dollar since the start of October. While Bitcoin has a market capitalisation of USD 1 trillion, Ether is the second-biggest cryptocurrency by market value, the Reuters report said. Also Read - Diwali, Dhanteras Investment Tips: Check Top Cryptocurrencies Other Than Bitcoin
According to CNBC International’s forecast, SafeMoon crypto fans say it’s trading down to the unprecedented wave of stimulus from governments and central banks around the world to tackle the coronavirus crisis would only make investing in SafeMoon trade rise. Such measures, they say, devalue fiat currencies, making SafeMoon a profitable investment in the cryptocurrency market.
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It’s impossible to determine at this point whether SafeMoon is a riskier investment than any of the other 4,000 or so active cryptocurrencies. Crypto skeptics like Megan Horneman, direct of portfolio strategy at Verdence Capital Advisors, warns investors to steer away from all digital coins, since they have no underlying assets and are threatened by regulatory oversight.
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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.
Bitcoin is a good indicator of the crypto market in general, because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends.
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Interestingly, the breakout was initiated right as a report from the United States Bureau of Labor Statistics (BLS) showed a sharp 6.2% annual rise in the Consumer Price Index (CPI), a figure that has hit its highest mark in 30 years.
The blockchain thus prevents double-spending, or the manipulation of cryptocurrency code to allow the same currency units to be duplicated and sent to multiple recipients.
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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Nevertheless, a decisive four-hour candlestick close below the $3,922 level could lead to a steeper correction. Ethereum could then dive to look for support around the 100 four-hour moving average at $3,700 or even test the 200 four-hour moving average at $3,400.
As long as prices avoid closing below this barrier, odds favor a resumption of the uptrend toward a new all-time high at $4,574.
Ethereum Dropped After Setting Another New All-Time High. Here’s What Investors Should Do Next
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