(Bloomberg) -- To investors hunting for the next Dogecoin, the more than 19,000% price gain that cryptocurrency SafeMoon posted in its early weeks was like catnip. Though the price of the four-month-old token has dropped since then, more than 2.4 million investors have bought it, according to its developers.
The market seems to have taken a turn this morning as a correction has set in. Both BTC and ETH have witnessed a small correction, said Zebpay Trade Desk. The same is happening in altcoins as well, it added.
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We’ve talked to investing experts and financial advisors who advise against sinking much of your portfolio into the asset class for this very reason. They work with clients to make sure volatile crypto investments aren’t getting in the way of other financial priorities, like saving an emergency fund and paying off high-interest debt.
It's working: in just the past few months, we took down 1.7 billion fake accounts to stop bad actors from doing harm.
Ethereum gained 3.85% to $4,720 and Dogecoin was trading 9.73% higher at $0.2858. Digital token Stellar climbed 3.72% to $0.3733 and XRP zoomed 8.05% to $1.26.
Popular cryptocurrencies such as Bitcoin and Ethereum are built on blockchain technology. Blockchains like Bitcoin and Ethereum are constantly growing as new blocks are added to the chain, increasing the security of the ledger dramatically.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.37 (£1.75) in a 16% increase on the last 24 hours, XRP Ripple was up 2.39% at $1.27 (£0.937129) and Solana at $244.80 (£180.39) as of 2.50pm on Tuesday.
UK crypto asset businesses must register with the Financial Conduct Authority - and you can check to see if they are on the Financial Services Register or if they are on a list of firms with temporary registration.
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Although few cryptocurrencies other than Bitcoin are widely accepted for merchant payments, increasingly active exchanges allow holders to exchange them for Bitcoin or fiat currencies — providing critical liquidity and flexibility. Since the late 2010s, big business and institutional investors have closely watched what they call the “crypto space” too.
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Bitcoin is widely regarded as the first modern cryptocurrency — the first publicly used means of exchange to combine decentralized control, user anonymity, record-keeping via a blockchain, and built-in scarcity.
If all the financial services and market avenues turn favorable, this digital asset is set to break all barriers and perform exuberantly, scaling the peak as aforesaid. Transgressing all limitations over the next year, it would surely show signs of fortune for investment in it. Backed by robust smart contracts, SafeMoon price may easily touch $0.0000085 by the end of 2021.
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The week has been much more successful for some of SAFEMOON’s fellow DeFi tokens. Kava.io (KAVA) hit an all-time high on August 22, and data indicated that it has made a couple of further attempts to reach those heights since. In addition, Terra (LUNA) also achieved its latest all-time high, hitting $36.61 in the morning of August 29. This milestone is the result of an impressive total growth of nearly 30%. It also brings the token closer to a spot in the top 10 most valuable cryptocurrencies by market capitalization. LUNA is currently ranked 11th.
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