Going forward, it's impossible to know for sure how the value will change and whether it could rise further.
In the case of cryptocurrencies, academia has barely scratched the surface with respect to identifying the determinants of their prices. For example, studies by Cheah and Fry (2015) and Corbet et al. (2018) claim that Bitcoin has no intrinsic value and that its price has persistently exhibited ‘bubble-like’ behaviour. Makarov and Schoar (2018) find that the prices of Bitcoin, Ethereum, and Ripple differ across exchanges for weeks. Outside of academia, the President of the United States recently tweeted that cryptocurrencies are based on “thin air”.1
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SafeMoon recorded a 99% rise in one day in April after Bitcoin had its biggest single drop for months.
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"After hitting fresh milestones and hitting new ATH’s backed on the US CPI Inflation figures for October, traders began to book profits," it added. "Such corrections do not seem to be a major cause of concern just yet."
Note that backing up a wallet doesn’t duplicate the actual cryptocurrency units, merely the record of their existence and current ownership.
The cryptocurrencies described here are marked by stable adoption, robust user activity, and relatively high market capitalization (greater than $10 million, in most cases, although valuations are of course subject to change):
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Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
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Mr Rocket also cited some concerns over whether there is a "strong liquidity pool" or not.
So what happened? And is there any hope for a recovery? To answer both, you have to look at quite a few factors.
Recent drops have been caused by a combination of factors, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to China’s recent crackdown on crypto services. The accumulated response made this sell off “all the more violent,” says Noble.
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