Now that Bitcoin has reached the channel’s lower trendline, an upswing toward its middle or upper trendline could be underway. These crucial areas of resistance sit at $66,000 and $70,000 respectively.
In the case of cryptocurrencies, academia has barely scratched the surface with respect to identifying the determinants of their prices. For example, studies by Cheah and Fry (2015) and Corbet et al. (2018) claim that Bitcoin has no intrinsic value and that its price has persistently exhibited ‘bubble-like’ behaviour. Makarov and Schoar (2018) find that the prices of Bitcoin, Ethereum, and Ripple differ across exchanges for weeks. Outside of academia, the President of the United States recently tweeted that cryptocurrencies are based on “thin air”.1
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The start of the Bitrise exchange development has also excited investors and increased new members. The centralized exchange is said to be a game-changer, considering the functionalities that the Bitrise wallet comes with.
Blockchain. A permanent online ledger that functions as a public accounting of cybercurrency transactions that have been executed. New “blocks” are added to the blockchain after the confirmation of each set of transactions.
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It is this bullish growth in Bitrise coin value that is attracting members of other major coins such as Safemoon, Shiba Inu, and many others. There are two major things that are making Bitrise coin stand out - innovative tokenomics and the products.
Bitcoin rose as much as 5.6% on Monday to $66,414, nearing its previous record of about $67,000. Ether advanced as much as 3% to a new high of $4,768.
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Often, they coordinate with these outlets and have a few moles in the forums whose sole purpose is to get people excited about their projects so more start buying their coins, causing the price to rise.
Issuers of tokens that link crypto and traditional markets should function as banks, watchdogs urge
A break and close above the channel will indicate strength and the pair may rally to $300 and then to $321. Conversely, if bears sink the price below the channel and the $216 support, the decline could extend to the 50-day SMA ($179).
The worldwide crypto market capitalization is currently $2.90 trillion, decreasing 1.25% over the last day. (Shutterstock)
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With such tokenomics, Bitrise coin is attracting thousands of investors, even from the most popular coins.
Its competitors, Dogecoin and Shiba Inu faced several lows for months and years straight but are at a different position now. SafeMoon could walk the same path as its competitors and would find a ‘breakout’ all of a sudden.