By late 2010, the first of what would eventually be dozens of similar cryptocurrencies — including popular alternatives like Litecoin — began appearing. The first public Bitcoin exchanges appeared around this time as well.
You may be wondering what to make of cryptocurrency and whether it has a place in your portfolio. But if you’re not familiar with digital currencies or blockchain technology, even the basic concept can be overwhelming.
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"It is one of many schemes by which naïve retail investors are drawn in and exploited by malevolent crypto promoters," Cornell University economist Eswar Prasad told the BBC.
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Bitcoin price skyrocketed to USD 67,803 and Ether price has gone up to USD 4,825 in the Asian trade market. Both cryptocurrencies have more than doubled since June and added nearly 70 per cent against the dollar since the start of October. While Bitcoin has a market capitalisation of USD 1 trillion, Ether is the second-biggest cryptocurrency by market value, the Reuters report said. Also Read - Diwali, Dhanteras Investment Tips: Check Top Cryptocurrencies Other Than Bitcoin
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Alternatively, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA ($0.24). If this support is breached, the selling could intensify and the pair may drop to the strong support at $0.19.
We do not know which characteristics affect cryptocurrency prices, if any. The column argues that there are two fundamental factors that drive prices in the long run: the trustworthiness of the cryptocurrency’s blockchain and the adoption of the blockchain. Cryptocurrencies such as Bitcoin, Ethereum, and Monero are affected by these fundamentals. In some periods prices deviate, but eventually retrace the trend.
Safemoon is a member of the group of tokens known as memecoins. Memecoins are crypto tokens or coins based on internet memes. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’. This expression refers to the price of a crypto asset rising very high over a very short period.
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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.
For many people, crypto is a type of alternative investment. Just as you can buy and trade stock in public companies, you can buy cryptocurrency with the hope that it will increase in value over time, allowing you to cash out for a profit at a later date. Some people invest in crypto less for the belief that it will become a popular currency and more as a bet on the blockchain technology behind it.
In the meantime, cryptocurrency users (and nonusers intrigued by cryptocurrency’s promise) need to remain ever-mindful of the concept’s practical limitations.