The surge in Bitcoin’s value in recent weeks follows the much anticipated first Bitcoin ETF debuting on the New York Stock Exchange, and a record-breaking October for the stock market in general.
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?
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We’ve seen Bitcoin hit multiple new all-time high prices, regulatory talks with potential to have big impact on the industry, and more institutional buy-in from major companies. All the while, people’s interest in crypto has skyrocketed this year: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.
When that’s the case and demand increases, the price of that underlying asset goes up. Roughly speaking, this is the simplest way to address how the prices of cryptos fluctuate.
Ethereum gained 1.66% to $4,808 and Dogecoin was trading 4.08% higher at $0.2837. Digital token Stellar climbed 3.56% to $0.3817 and XRP rose 0.01% to $1.27.
Ripple (XRP) broke and closed above the overhead resistance at $1.24 on Nov. 8, signaling that bulls are attempting a comeback. The bears tried to pull the price back below $1.24 but failed to sustain the lower levels.
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Binance Coin (BNB) slipped below the $630 support on Nov. 11 but the bears could not sustain the lower levels. The altcoin staged a strong recovery and the bulls are now trying to push the price above $669.30.
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With the V2 upgrade, SafeMoon contracts will have additional use-cases, driving the token’s adoption higher.
US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices of Bitcoin and other cryptocurrencies.
To begin trading in this volatile market it is necessary to be well aware of the market prices of cryptocurrencies. The cryptocurrency investor has to differentiate between Bitcoin and the wide variety of existing Altcoins and should be well informed about their graphs and quotes, as well as the latest news related to these digital currencies.
Although bitcoin may be the most popular cryptocurrency, many crypto traders want to build a diversified portfolio comprised of projects across many facets of the crypto space. In fact, diversification is so important that our team has been building an index trader, which will allow our customers to easily trade a basket of cryptos that align with their specific goals. This will be released shortly.
And new cryptocurrency applications take root with impressive frequency — Cryptomaniaks has a great look at the fast-growing world of cryptocurrency sports betting sites as just one example.
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