With the growing popularity of cryptocurrencies, a variety of digital currencies have emerged on the cyrpto investment scene. It is important to distinguish between three major categories in the crypto world and understand each one of them.
Competing interests: The authors have declared that no competing interests exist.
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Fundamental analysis is another critical component when investing in cryptocurrency, as it can help determine whether a coin is overvalued or undervalued. In the case of Safemoon, the research we conducted for our Safemoon price prediction found that the coin’s market cap was only $799 million at the time of writing, according to data gathered from CoinMarketCap. This is extremely small for a cryptocurrency and means that Safemoon isn’t even in the top 200 largest cryptos in the world.
Bitcoin is the world’s most widely used cryptocurrency and is generally credited with bringing the movement into the mainstream.
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Bitcoin’s surge to $69,000 took bears by surprise and cemented bulls expected $400 million profit at Friday’s $1.2 billion options expiry.
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All the signs, however, were there. Like previous bubbles, people were basing their belief in the cryptocurrency on their emotions, not any intrinsic value. Then there was the FOMO element, which only compounded things. Essentially, bitcoin became an international fever. Random companies were “pivoting to blockchain” for no apparent reason other than that it seemed like a way to create buzz. But when the bubble bursts, FOMO turns into fear of losing, which makes for an especially rapid plunge.
Binance may not offer as many cryptocurrencies as decentralized exchanges such as Uniswap, but when it comes to centralized exchanges, Binance is the leader. With more than 500 cryptocurrencies and over 1,200 trading pairs available for its customers, crypto traders who prioritize having access to the most possible coins should strongly consider Binance.
The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases. It's been a wild ride for bitcoin the last three years.
With all these shortcomings when put against most of the competition, Safemoon is definitely in trouble. There is a lot that Safemoon team needs to do to make the coin competitive. Otherwise, few people will be interested in this Safemoon. This means low demand, and that's how Safemoon's coin value will crumble.
In the United States, Binance is also being probed by the Department of Justice, the Commodity Futures Trading Commission and tax authorities, Bloomberg News has reported.
Some experts have already expressed concern that the inclusion of the Binance Coin on the platform may prove controversial in the United States. While Binance.US is described as a subsidiary, its business model might draw attention from the U.S. Securities and Exchange Commission based on the fact that BNB token acts as both a security and a utility token. As such, it could pass the so-called Howey test for being security, thus potentially becoming a snag on the Binance’s path to establishing itself in the US.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
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The latest new SafeMoon wallet listings announced on Nov. 5 include Shiba Inu, Chainlink and Aave.