With cryptocurrencies such as Bitcoin, Ethereum, Doge, Shiba Inu and Solana touching all-time highs, the number of traders has also grown exponentially, said market watchers. Top exchanges have recorded a 200-500% jump in the number of day traders who make money merely by taking positions in various crypto assets.
Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
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Cochrane, J. H. (2005), “Financial markets and the real economy”, Foundations and Trends in Finance 1 (1), 1–101.
Some mainstream companies also view blockchain technology itself with interest, evaluating various uses such as supply chain. The future of cryptocurrency and its associated technology appears bright, judging by the growth and adoption that has been seen since 2008 when Nakamoto published the framework for a little asset called Bitcoin.
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When that’s the case and demand increases, the price of that underlying asset goes up. Roughly speaking, this is the simplest way to address how the prices of cryptos fluctuate.
SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.
Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
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Bitcoin ETFs, once considered a pipe dream, are now a reality giving investors more avenues to invest in cryptocurrency.
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The supply of a cryptocurrency depends on how many new coins are being mined and how many current owners want to sell their coins.
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Six out of the top-10 cryptocurrencies were trading higher at 9.30 hours IST. Binance Coin and Solana witnessed profit booking whereas XRP gained 9 per cent.