Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%. Other cryptocurrencies were also trading in the green.
In the short term, situations occur where the factors lead the price and where the factors lag the price. However in most cases, the factor lags the price in the short term (seen by upward facing arrows near the top of each scalogram). This is understandable given short term changes appear likely to be the result of particular events, as discussed above. It is likely the market price will reflect the event quicker than social media; social media may experience a longer interval of discussion and activity relating to the original event and resulting price change.
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The teenager set up a fake gift voucher website and bought a haul of Bitcoins which soared in value.
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According to analysts’ forecast, SafeMoon price will hit the $1 level soonest as the price has been showing bullish momentum, steadily moving up since the beginning to attract more buyers. Despite the escalation in SafeMoon cryptocurrency, analysts are cautiously looking at the cryptocurrency market outlook due to the recent drop in crypto prices to their support levels.
SafeMoon is available at dirt cheap price and the coin remains to be low-hanging fruit for investors. Even for a mere $10, investors can get more than 2.5 million tokens. Investors need to make use of the dip and add in bags of tokens, for when the coin reaches a milestone, their investment can spike tenfold.
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Bitcoin price hits new record high - why is Bitcoin up today? Cryptocurrency prices of Bitcoin, ETH and Shiba Inu (Image credit: Getty Images/Canva Pro)
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The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin.
The market for cryptocurrencies has roughly quadrupled from its 2020 year-end value [File: Paul Yeung/Bloomberg]
However, exchange pricing can still be extremely volatile. For example, Bitcoin’s U.S. dollar exchange rate fell by more than 50% in the wake of Mt. Gox’s collapse, then increased roughly tenfold during 2017 as cryptocurrency demand exploded.
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