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Bitcoin hit a high of more than $60,000 in April, and the ups and downs since then highlight the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks between the most recent July low point and its high points in recent weeks, Bitcoin has risen steadily. Again, Bitcoin is very volatile, so these ups and downs are par for the course.
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One key point to note about Safemoon crypto is that the developers haven’t 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 ‘pump and dump’ scheme designed to make certain investors rich.
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When Ethereum and Bitcoin crashed, these “discount plays” tanked. Now, as the mainstream plays begin to build momentum, these cryptos are struggling to get off the ground and make space for their own identities.
Although mining periodically produces new cryptocurrency units, most cryptocurrencies are designed to have a finite supply — a key guarantor of value.
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Fig 5. Wavelet coherence scalograms between online factors and price (with GSADF test bubble overlay) for Litecoin and Bitcoin.
Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?
One example is the negative correlation that occurs between Ethereum and its associated factors around June 2016 (left facing arrows at the top and just left of the horizontal middle of the Ethereum scalograms). During this time interval, one of the most well-known applications at the time, the DAO, built on top of the Ethereum environment, was hacked. It can be seen that all factors are negatively correlated in the short term with the price during this time interval. As a result of the uncertainty generated by the hack, price dropped sharply, but activity on social media and interest increased (causing the negative correlation). The negative relationship can be seen during the 2–4 day band for all factors.
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As of Wednesday 9 AM (GMT+3) November 10th, here are the prices of the top 10 cryptocurrencies:
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Vassalou, M. (2003), “News related to future GDP growth as a risk factor in equity returns”, Journal of Financial Economics 68 (1), 47–73. Topics: Financial regulation and banking Monetary policy Tags: cryptocurrencies, digital currencies, blockchain