But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
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The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
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Investing is always a risk but investing in cryptocurrency is an even higher risk as they are VERY volatile.
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Squid, which marketed itself as a "play-to-earn cryptocurrency", had seen its price soar in recent days - surging by thousands of per cent.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.
Some major differences between Bitcoin and altcoins can be found in the blockchain itself. Some altcoins have an uncapped supply, which changes how the coins are used. Some altcoins have made the blockchain faster, which speeds up both mining and transactions.
The EverGrow Ecosystem is adding more ways for its users to utilize their EverGrow coin holdings. Users will be able to buy, sell, and loan NFTs using the NFT marketplace. This feature will further promote accessible liquidity in NFT and DeFi space. NFT owners will be able to utilize their NFTs as Collateral and borrow against their value.
The global crypto market cap jumped about 4 per cent to $2.85 trillion. However, the total crypto market volume was almost flat to $97.46 billion.
As far as payment for assets goes, platforms offer crypto purchases via bank transfers, crypto transfers, or credit cards, depending on the platform. Buying crypto with cash in a person-to-person fashion is also possible. Availability for buying and selling crypto on any given platform, however, can vary from region to region.
Bitcoin is a good indicator of the crypto market in general, because it’s the largest cryptocurrency by market cap and the rest of the market tends to follow its trends.
Fig 4. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Ethereum and Monero.
The inability to get SEC approval really held back bitcoin and cryptocurrencies in general. It sent the message, says Innes, “that there wasn’t underlying support from Wall Street.” Meanwhile, the price dropped from around $10,000 to $6,000.
Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
Technically, it broke out of its descending triangle consolidation zone in the first week of November, followed by two important resistances at $62,500 and also at $63,500. This makes it bullish for the short term as well & these resistances will now act as support, above which one may enter long positions in BTC.