Bitcoin’s dominance rose to a Monday high 44.39% before falling to a Friday low 42.53%. At the time of writing, Bitcoin’s dominance stood at 42.85%.
As of November, there’s $219 billion in total value locked (TVL) within decentralized finance or DeFi. During the same time frame, trading from NFTs amounted to $4.2 billion according to DappRadar.
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Coinbase, which went public last week via direct listing, shaved about 10% off its share price this week, but was largely unaffected Friday in intraday trading. BTC $60,655 -1.41% ETH $4,397 -2.42% XRP $1.14 -1.64% BCH $584 -2.80% EOS $4.40 -3.28% DOGE $0.26 -1.63% $ BTC $60,655 ETH $4,397 XRP $1.1354 BCH $584 XMR $255.5 DASH $189 EOS $4.40 ZEC $160 ADA $1.969 NEO $43.95 BNB $608 XLM $0.352 USDT $1.00 MIOTA $1.32 DOGE $0.26
Coins are designed to be used as a kind of currency and are created on their own blockchain. For example, Ether is a cryptocurrency based on the Ethereum blockchain.
This is a basic economic principle. If a cryptocurrency has a high token supply with little demand from traders and users, then the cryptocurrency’s value will drop. Conversely, if the supply of a particular cryptocurrency is limited and the demand is high, then the value of the coin will increase.
The biggest question lurking over this industry is it is unregulated. That is what allows investors to have direct control over their money also makes it vulnerable. Most cryptocurrencies are not backed by financial institutions. Though some countries have begun to adopt it and thus created some sort of a safety net.
Volatility can be attributed to an “immature market,” says Ollie Leech, learn editor at Coindesk, a cryptocurrency news outlet. Anything from a celebrity tweet to new federal regulation can send prices spiraling.
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Meanwhile, Cardano (ADA) prices are fluctuating around $2.14 (£1.56), XRP Ripple was down 9.89% at
“Blockchain has the potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.”
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Creates a new Hash object that contains a deep copy of the internal state of the current Hash object.
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In mid-December 2017, it reached highs of $20,000, but it finished the year at around $15,000, while the market cap closed the year at around $235 billion.
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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
The first cryptocurrency was bitcoin. The bitcoin domain was registered in 2008, but the first transaction took place in 2009. It was developed by someone called ‘Satoshi Nakamoto’. However, there is speculation that Nakamoto is a pseudonym as the bitcoin creator is notoriously secretive, and no one knows whether ‘he’ is a person or a group.