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Amid rising inflation, the Federal Reserve and the Biden administration continue to message that the situation is “under control,” but equities markets reacted negatively to the news.
ATLANTA, Oct. 29, 2021 /PRNewswire/ -- The crypto market has seen its best performance during the pandemic, which completely changed how people view it as investors. Projects like SAFEMOON, DOGECOIN, SHIBA INU, and more changed many lives by giving over 100x returns.
Ethereum gained 1.66% to $4,808 and Dogecoin was trading 4.08% higher at $0.2837. Digital token Stellar climbed 3.56% to $0.3817 and XRP rose 0.01% to $1.27.
But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
Bitcoin’s price has taken a wild ride so far in 2021, and in November set another new all-time high price when it went over $68,000. This latest record high follows previous high points over $60,000 in April and October, as well as a summer drop to less than $30,000 in July. This volatility is a big part of why experts recommend keeping your crypto investments to less than 5% of your portfolio to begin with.
Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%. Other cryptocurrencies were also trading in the green.
SafeMoon may have some investors concerned that it will not return to its prior glory. Despite a very promising starting performance, SafeMoon has settled far below the hopes of the investors that held onto the token.
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Ethereum Classic is a cryptocurrency that has legitimate functions. With decentralised applications on the Ethereum Classic network, one can use bridges to move cryptos to other chains, spend cryptos in real-world instances and authenticate transactions with ease and efficiency.
Cryptocurrency firms aren't regulated, which means that you won't have any protection if things go wrong.
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Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.
The surge in Bitcoin’s value in recent weeks follows the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange, and a record-breaking October for the stock market in general.
"Nowadays new coins can be listed on decentralised exchanges on the first day they are created, without any regulation or due diligence," said Jinnan Ouyang from Singapore-based crypto company Openmining.
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.