Can Bitcoin and altcoins sustain their bullish momentum or will profit-booking drag prices lower? Let’s study the charts of the top 10 cryptocurrencies to find out.
Stay tuned: Cryptocurrencies are going to play a big role heading into the future.
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A once-ambitious Facebook-backed digital currency project — formerly known as Libra, now called Diem — is shifting operations from Switzerland to the U.S. and said it plans to launch a cryptocurrency tied to the U...
The crypto prices today are trading in the red as Bitcoin, as well as the altcoins, have retreated after a strong week of rallies to new all-time highs.
The cryptocurrency paradigm was heralded by the launch of Bitcoin (BTC) in 2008, inspiring a new technological and social movement. The goal of cryptocurrencies is to provide a medium for global, peer-to-peer transaction settlement that preserves privacy and financial security.
One example is the negative correlation that occurs between Ethereum and its associated factors around June 2016 (left facing arrows at the top and just left of the horizontal middle of the Ethereum scalograms). During this time interval, one of the most well-known applications at the time, the DAO, built on top of the Ethereum environment, was hacked. It can be seen that all factors are negatively correlated in the short term with the price during this time interval. As a result of the uncertainty generated by the hack, price dropped sharply, but activity on social media and interest increased (causing the negative correlation). The negative relationship can be seen during the 2–4 day band for all factors.
Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns around inflation and global rate hikes are clearly on investors’ minds.
Bitcoin uses a Proof-of-Work mining system. This means a network of miners computes complex calculations to keep the Bitcoin blockchain running. Miners earn newly minted Bitcoins as a reward for their work. Proof-of-Work allows Bitcoin to attach a physical value to its transactional system. A Bitcoin is worth a certain amount of computing power.
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Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
The comparison of Binance vs Binance.US ultimately comes down to financial regulations in the United States.
Cryptocurrencies work using a technology called blockchain. They are tokens that can be used as a form of payment in exchange for online goods and services. They carry a pre-determined store value of their own, just like any other fiat currency like the US dollar or the Indian rupee. Cryptocurrencies are digitally mined, where very sophisticated computers solve extremely complex computational mathematics problems. Their mining is painstaking, costly and only sporadically rewarding.
Safemoon members are now joining in the thousands with competing cryptocurrencies, like Bitrise, and this could continue if the Safemoon team does not address the fundamental issues. However, Safemoon remains one of the most powerful crypto coins out there, but dominance may be short-lived.
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Indeed, Amazon has recently sparked rumors that it’s making moves to that end by sharing a job posting for a “digital currency and blockchain product lead.” Walmart is also recruiting a crypto expert to oversee its blockchain strategy.
Overall, we’d urge you to do your own research if you were to invest in Safemoon. Common investment advice states that the cryptocurrencies which perform the best over the longer term are those with real-world utility, which Safemoon doesn’t seem to have at present. Although the developers may improve the protocol and create some valuable use cases, there is still the chance that this coin could be a ‘memecoin’.
But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.