"Over the past week, Ethereum scored another all-time high and Binance Coin traded strongly in the greens," it added. "Solana surpassed Tether and Cardano to be the fourth largest crypto."
Cryptocurrencies are often traded in lots – batches of cryptocurrency tokens used to standardise the size of trades. As cryptocurrencies are very volatile, lots tend to be very small: most are just one unit of the base cryptocurrency. However, some cryptocurrencies are traded in bigger lots.
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Some investors have predicted even bigger gains for Bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin "worthless."
“That’s one of the things we truly focused on, providing a means in which the community could talk to the team,” Karony said. This included ask-me-anything sessions held on Discord for the curious to learn more.
Some mainstream companies also view blockchain technology itself with interest, evaluating various uses such as supply chain. The future of cryptocurrency and its associated technology appears bright, judging by the growth and adoption that has been seen since 2008 when Nakamoto published the framework for a little asset called Bitcoin.
Steep rises and unexpected dives in the price of cryptocurrencies are relatively common. As the market stabilises, the volatility has slowly decreased, but irrationality will always be part of the trading game.
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Accounts that hold vast amounts of a cryptocurrency may begin to sell, causing prices to plummet. These accounts are known as whales because they have a significant position and can influence the market if a group of people agrees to sell crypto assets.
The decision to buy cryptocurrency should always have a long-term outlook, as crypto prices can be particularly volatile. Safemoon is no different, as in its short lifespan, the price has already exhibited some significant price swings. To get a better sense of Safemoon’s outlook, let’s take a look at the technical and fundamental factors that could shape price in the future.
The number of people who utilize crypto coins (i.e., utility) and for what purpose impacts their price. The price will rise if more people use them to buy goods and services rather than just holding them.
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Our Safemoon price prediction for 2022 sees the coin reach a valuation of $0.0000060, which is around the same as it was in late May 2021.