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.
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NEW YORK (AP) — Bitcoin's price surged again Monday after speculation that Amazon may be entering the cryptocurrency sector after it posted a job seeking a “digital currency and blockchain product lead.”
Its market cap and individual unit value consistently dwarf (by a factor of 10 or more) that of the next most popular cryptocurrency. Bitcoin has a programmed supply limit of 21 million Bitcoin.
But to understand the dynamic that led to this year’s depressing year for crypto, we actually should start a few years before 2018. In bitcoin’s early days, Mt. Gox was the go-to service for handling transactions. Then, in 2014, it halted transactions and slowly copped to a crypto-hack to the tune of $473 million, the biggest hack of its kind at the time, and it gave many people pause. But it was still early enough for people to believe that the blockchain system was still getting all the technical kinks out.
SafeMoon today trades around 0.0000027 a coin with a market capitalization of about $1.6 billion, sharply lower than its high of almost $6 billion in mid-May, according to CoinMarketCap.
Although the hype around this coin isn’t as much as it was at some point, it is still a strong digital coin that’s attracting several investors. While cryptocurrencies such as Bitcoin have limited coin supply, Dogecoin doesn’t have limits. As a result, something that started is now a cryptocurrency with several supporters and investors, including celebrities and billionaires, notably Elon Musk.
Here is Bitcoin’s price today, why Bitcoin is up and the latest crypto news and prices for Ethereum, Shiba Inu coin, Dogecoin, XRP and more.
Ricardo Salinas Pliego, a magnate with large operations in retail, banking and television who has been seen as President Andrés Manuel López Obrador’s closest business ally, wrote in his social media accounts Sunday that Bitcoin is a good investment.
Brian Brooks comes onboard for the crypto unicorn as they prepare to go public in the next 12 months in what would be Europe’s biggest cryptocurrency valuation. The firm is also planning to expand its mining business.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood. In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.
Numerous others have also made their mark on the industry, some of whom Cointelegraph lists in its top 100 people in crypto and blockchain for 2021.
Cryptocurrencies are wholly digital, so there’s no physical coin or bill connected to the crypto you own. Instead, owners hold cryptocurrency in a digital wallet, and buy or sell through an online exchange. Your wallet may be online (some popular exchanges like Coinbase offer an in-app wallet) or stored offline on a hardware device similar to a USB drive.
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