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Bubbles are complex dynamics. What they all have in common, however, is they require emotion to truly go parabolic. Moreover, the less we understand the object of the bubble, the greater the scope for greed and FOMO to fill in the blanks.
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Both ideas are about making a few people rich, not about building a decentralised paradise where everyone prospers
As we don’t know exactly how to classify them, it’s difficult to attribute a direct causality to a specific factor and a crypto’s rise or dive in value.
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Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood.
As of 8am ET on Thursday morning, it was slightly up in early trading. Bitcoin, however, was down under $65,000 at 8am ET, according to CoinBase.
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Ether has been trading inside an ascending channel for many days. The bulls are attempting to keep the price above the centerline of the channel. The major target to watch on the upside is the psychological level at $5,000.
However, in the wake of the technical issues, the DeFi protocol has met its share of criticisms and FUD. Some Twitter users have even accused SafeMoon of scamming its users.
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The popularity of the Bitrise coin has grown exponentially as more and more Shiba Inu. Dogecoin members are joining the cryptocurrency. At this point, there’s no mention that they would like to change their structure for transactions with zero P2P (person-to-person) transaction fees, which can be found in local currency.
Bitcoin is down roughly 20% week-over-week, around 30% from its all-time high of nearly $65,000 early last week. The market cap of the coin has dipped below $1 trillion. The tumble has been less severe for Ethereum, which hit an all-time high just yesterday but has since dropped 13% as the broader market has crawled back.
Dogecoin, at the time of writing, has a market price of close to $0.216 according to CoinMarketCap - the result of an 8,325.23% increase in value since the start of 2021.
It is the latest cryptocurrency to have seen a spike in interest since the turn of the year, following on from the success of Dogecoin, Bitcoin and Ripple XRP in recent weeks.