It was a rough year for bitcoin–and cryptocurrencies in general. Here’s a look at how we got here.
It is a meme coin in the same sense as Shiba Inu, but has failed to live up to its promises. SafeMoon is the perfect example of why having a product first is what matters. Investors bought into the token thanks to its promises, and now the token is plummeting. It is a story warning investors of falling for grandiosity.
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There are over 2000 cryptocurrencies available to buy and sell, though most have little value. Of these, bitcoin, ether (the token of the Ethereum network), ripple, bitcoin cash (an offshoot of bitcoin) and litecoin are among the most valuable by market capitalisation.
At the time of writing, Bitcoin’s value was fluctuating at around $67,921.67, or £50,107 according to Coinbase.
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Alexis Ohanian has partnered with the Solana Foundation to invest $100 million to build social-media projects on the solana blockchain.
Some of the features they refer to include a dual cryptocurrency distribution system that allows investors to claim BNB (Binance). You can claim BNB once you have used the unique referral code that you receive when opening a wallet. Once the person you referred uses the unique code, you receive 10% of their initial investment as BNB. Between this and their 3000 professional influencers, HUH Token could turn your $1000 investment into over one million.
Plenty of altcoins have also taken a beating. Dogecoin erased the breakneck gains of the week and then some, nearly halving its price after a meteoric climb last weekend. XRP is down 35% week-over-week, Stellar is down 30% and Polkadot is down 25% since last week.
However, exchange pricing can still be extremely volatile. For example, Bitcoin’s U.S. dollar exchange rate fell by more than 50% in the wake of Mt. Gox’s collapse, then increased roughly tenfold during 2017 as cryptocurrency demand exploded.
Other tokens, known as utility tokens, are only meant to be used within the context of a particular network, so they can’t even technically be classified as tradable assets in the same manner of security tokens.
The current Safemoon crypto price is $0.000002663, up more than 17% in the last 24 hour period.
The cryptocurrency market is a vast and sometimes confusing place with different coins to choose from.
If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.
Bitcoin wasn’t the only cryptocurrency to feel the effects of Tesla’s decision. (Pic: Shutterstock)
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