Speculation is a prominent influence on cryptocurrency prices. As seen with the collapse of Bitcoin’s price in 2018, following a bull run from around $1,000 to just shy of $20,000 in 2017, experienced and inexperienced traders alike can go long for too long – expecting the price to keep rising and fearing missing out on the party.
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Currently, the global crypto market cap stands at $2.87 trillion, an increase of 4.70%. Other cryptocurrencies were also trading in the green.
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Fig 4. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Ethereum and Monero.
Cryptocurrency. A digital currency secured through cryptography, or codes that can't be read without a key.
Some security tokens are linked to an external tradable asset, and you can feel relatively comfortable assessing them as a more volatile relative of traditional shares, perhaps using a similar framework to the one you’d employ for penny stocks.
Cryptocurrency can gain value on exchange platforms. It increases in value based on supply and demand.
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In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
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Tokens are built on an existing blockchain but are considered to be programmable assets that enable the formulation and execution of unique smart contracts. Outside of the blockchain network, these contracts can be used to establish ownership of assets. Tokens can be used to represent units of value such as money, coins, digital assets and electricity, and can also be sent and received.
The price movements can be seen moving along a descending triangle on the charts. The digital asset can be seen accumulating currently, hinting at a breakout to higher highs. But a slight pullback to support levels can be expected. On the downside, a fall to the bottom can prevail, which is unlikely.
The current Safemoon crypto price is $0.000002663, up more than 17% in the last 24 hour period.
Beyond the clampdown by some governments, what bitcoin really needed to achieve sustained success was overall mainstream acceptance. While some financial institutions announced projects exploring blockchain-based solutions, many others balked.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.