Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewellery: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.
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.
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Over the last 24 hours, Ether (ETH), the currency for the Ethereum network, went from ₹3,86,457 to ₹3,80,498, with a market cap of ₹41.7T. In the same time, Litecoin (LTC) moved down from ₹23,859 to ₹21,497, a change of -9.90%, with a market cap of ₹1.4T. Ripple, or XRP, is another hugely popular token, with a market cap of ₹4.3T. In the last day, its value has changed -7.36%, moving from ₹105.61 to ₹97.85.
In the past 24 hours, the cryptocurrency has surged 93%. It's currently trading at less than $0.000000000001, according to CoinMarketCap.
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SafeMoon happens to be one of the most transparent and decentralized assets. No wonder its advantages override its limitations. That is the reason investors tend to buy SafeMoon with confidence and tracking future SafeMoon price predictions.
Ripple is also more easily converted than other cryptocurrencies with an in-house currency exchange that can convert Ripple units into U.S. dollars, yen, euros, and other common currencies.
“Bitcoin has outperformed gold, the most widely regarded inflation hedge, by a considerable margin year-to-date, having gained over 130% compared with gold’s 4% decline.”BTC/USDT daily chart: Source: TradingView
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The launch of NYCCoin follows MiamiCoin, which to date has earned more than $21.3 million since its August 2020 launch, the nonprofit said.
Before this latest surge for the top two cryptos, recent sudden drops followed a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptocurrencies illegal in the country. After previously topping $52,000 in early September, Bitcoin’s price had dropped and struggled to get back over $50,000 until this month.
According to coinmarketcap.com, the price stands at $0.00000489 despite rising massively to $0.000014 during its all-time high but the price seems to be falling dramatically.
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Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.
Bitcoin made a new life high at $66,998 on 20th Oct and since then it entered into a retracement phase and subsequently prices dipped below $59,000 in the following days.