In the last 24 hours, Bitcoin peaked at a new record high price of $68,568.85 according to Coinbase.
But of course you'll want to be wary of another possible Squid Game fiasco, which reportedly scammed users of an estimated $3.38million.
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The original cryptocurrency, Bitcoin, is a capped cryptocurrency. This means after 21 million Bitcoins are mined, no more will be mined.
In an inflationary environment, assets like Bitcoin appear more attractive to investors. The BTC price rallied to a new all-time high on Wednesday.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
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It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.
Accounts that hold vast amounts of a cryptocurrency may begin to sell, causing prices to plummet. These accounts are known as whales because they have a significant position and can influence the market if a group of people agrees to sell crypto assets.
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Using data from a prominent blockchain research firm, Coinmetrics.io, we explore the relationship between prices, computing power (measured by the hashrate), and network (measured by the number of unique active users). We focus on five major mineable cryptocurrencies (i.e. Bitcoin, Ethereum, Monero, Litecoin, and Dash). In some of our test, we expand our data to include an additional 33 cryptocurrencies. Our sample period spans from 7 August 2015 to 25 January 2019.
DAVIDSON: Maybe the best answer is slowly at first and then all of a sudden, which is the same way people go bankrupt, by the way.
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Bitcoin’s volatility is more reason for investors to play a steady long game. If you’re buying for long-term growth potential, then don’t worry about short-term swings. The best thing you can do is not look at your cryptocurrency investment, or “set it and forget it.” As experts continue to tell us each time there’s a price swing — whether up or down — emotional reaction can cause investors to act rashly and make decisions that result in losses on their investment.
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