Initial Coin Offering. In an ICO, an entity issues virtual coins, often called tokens, to raise capital. A âtoken saleâ is simply distributing a new cryptocurrency to investors, who typically pay for the tokens in bitcoin or another established cryptocurrency.
Bill Noble, chief technical analyst at TokenMetrics, a cryptocurrency analytics platform, thinks the price of Bitcoin will climb throughout the rest of the year. âI think itâs more likely Bitcoin goes to $75,000 than $25,000,â he says.
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One key point to note about Safemoon crypto is that the developers havenât really described any real-world use cases yet. The Safemoon protocol was hyped hugely by celebrities back in May, causing retail investors to jump on the bandwagon and push price higher. Following this, the price fell dramatically, leading many to claim that Safemoon was a âpump and dumpâ scheme designed to make certain investors rich.
Many investors see Bitcoinâs price swings as part of the game, but âvolatility is tough for individual investors to deal with,â Noble says. Like Yang, he warns against selling too fast.
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But the hacks didnât stop. In 2016, the DAOâa blockchain organization that was based on Ethereumâlost what was worth $50 million at the time, due to a technical error someone seized upon. This, once again, sent shockwaves through the communityâbut also had the unfortunate impact of normalizing these types of hacks for some people.
The long term positive coherence relationship observed between online metrics and price may be the result of another factor which we hypothesise could be technical progress. As a project makes technical progress, it is likely to have a community form around it over time, increasing online activity and also demand, and hence price, of the particular cryptocurrency. An interesting avenue of future work would be to consider the coherence between price and technical progress (via looking at each projects source code repositoryâthese are available as cryptocurrency projects are generally open-source).
Corbet, S., B. Lucey, and L. Yarovaya (2018), âDatestamping the Bitcoin and Ethereum bubblesâ, Finance Research Letters 26, 81â88.
Fig 6. Wavelet coherence between Ethereum new authors and price decomposed for different period bands (with GSADF test bubble overlay).
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For more on trending cryptocurrencies, check out the latest on Save Planet Earth, IOST, Bonfire, Arweave, and TrueFi.
Lettau, M. and S. Ludvigson (2001), âConsumption, aggregate wealth, and expected stock returnsâ, The Journal of Finance 56 (3), 815â849.
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Like traditional currencies, cryptocurrencies express value in units â for instance, you can say âI have 2.5 Bitcoin,â just as youâd say, âI have $2.50.â
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