Dogecoin (DOGE) turned down from $0.29 on Nov. 8, indicating selling on rallies. The price has dipped back to the 20-day EMA ($0.26), which is an important support to keep an eye on.
Overall, Coinmarketcap estimates the global crypto market has shrunk around 10% in the past 24 hours.
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And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
It hasn't yet been recognised by the major cryptocurrency sites such as Coinbase but why did it get so popular?
That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
Binance is a centralized cryptocurrency exchange founded in 2017 by Changpeng Zhao. Zhao’s professional experience before that point was in the development of advanced financial software, such as high-frequency trading software. He also served in an executive position at another cryptocurrency exchange, OKCoin.
The Binance international exchange offers a huge variety of cryptocurrencies. This includes the top 20 coins such as Bitcoin, Ether, and Ada. In addition, Binance also offers several hundred less well-known altcoins. Binance also offers many trading pairs. In total, Binance offers exchange in over 500 cryptocurrencies and trading in more than 1200 trading pairs. This number is lower than on leading decentralized platforms like Uniswap but is still among the highest centralized exchanges.
Ripple (XRP) broke and closed above the overhead resistance at $1.24 on Nov. 8, signaling that bulls are attempting a comeback. The bears tried to pull the price back below $1.24 but failed to sustain the lower levels.
SafeMoon doesn't tout itself as a cryptocurrency but instead as a DeFi token, a decentralised finance token. DeFi’s aim is to bring about disruption to the financial world and enable people to lend in peer-to-peer networks without needing a physical bank.
The law also states that tax contributions can be paid via Bitcoin and exchanges in the cryptocurrency will not be subject to capital gains tax.
Musk’s influence cannot be underestimated as, even though the likes of PayPal, Mastercard and Facebook have backed cryptos, the Tesla announcement still rocked the market.
We’re certainly in a much different place now than we were 12 months ago. What was a hot commodity has turned into a hot potato nobody wants to touch. Still, this almost certainly won’t be the end for bitcoin, or cryptocurrencies as a whole. Despite the realization that it was a bubble, even the toughest critics see some sort of a future.
Investors should continue to hold and not worry about the fluctuations, like Danial, who says she’s not “jumping on the hype.”