Non-Bitcoin cryptocurrencies are collectively known as “altcoins” to distinguish them from the original.
The week has been much more successful for some of SAFEMOON’s fellow DeFi tokens. Kava.io (KAVA) hit an all-time high on August 22, and data indicated that it has made a couple of further attempts to reach those heights since. In addition, Terra (LUNA) also achieved its latest all-time high, hitting $36.61 in the morning of August 29. This milestone is the result of an impressive total growth of nearly 30%. It also brings the token closer to a spot in the top 10 most valuable cryptocurrencies by market capitalization. LUNA is currently ranked 11th.
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The scope of the Binance.US error, however, was in a league of its own and did not go unnoticed by market participants.
Cryptocurrency, the blockchain-based digital currency that has captured the interest of investors and financial service firms alike, has a challenging problem. It can be hard to actually spend this currency like you would regular money.
Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
Cryptocurrency Prices Today: Bitcoin and Ethereum gain over 10% in the last week'Fast money' drives Bitcoin, ether to new record highsInfographic: Life cycle of a Bitcoin transactionJP Morgan predicts Bitcoin to reach $146,000 in long run and $73,000 in short-termCryptocurrency prices today: Bitcoin adds 6%, Ethereum gains 4%
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"Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.
The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, Bitcoin remains the dominant digital currency.
That seems to be the overall message from most. Even Innes, who has been critical of bitcoin and crypto-trading for quite a while, admits that this doesn’t mean the blockchain is bunk. He, in fact, sees things looking up. “If this base can hold,” he says, “[the price will] start drifting up.” But not because of fervor or blind faith that bitcoin is the future, but due to advances on the technology side.
COIN RACE Coinbase & Gamestop may launch NFT marketplace as Public adds Shiba Inu & Bitcoin
When some of the most respected people on Wall Street make comments like that, it “takes a huge element of mainstream out of the market,” says Innes. Essentially, these heavy hitters were telling their minions that bitcoin wasn’t worth their time.
Mr Rocket also cited some concerns over whether there is a "strong liquidity pool" or not.
But whatever new products are produced, they will now have a harder time struggling with acceptance. Whether we like it or not, message and image are important.
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