The world's second most valuable cryptocurrency, Ether, has been touching all-time highs ahead of a major upgrade of its underlying platform Ethereum.
Tokens of Shiba Inu feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
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Here’s why crypto is down today – and the latest cryptocurrency news and prices for Bitcoin, Ethereum, XRP, Dogecoin and more.
Unlike Bitcoin, which is mainly used as a store of value, the price surge in Ether comes due to growing demand for people to use its blockchain to transact. Like fuel in a car, ether acts as the gas that propels transactions across its payments network.
In the short term, situations occur where the factors lead the price and where the factors lag the price. However in most cases, the factor lags the price in the short term (seen by upward facing arrows near the top of each scalogram). This is understandable given short term changes appear likely to be the result of particular events, as discussed above. It is likely the market price will reflect the event quicker than social media; social media may experience a longer interval of discussion and activity relating to the original event and resulting price change.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
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With cryptocurrencies coins tending to move in tandem with Bitcoin, Ethereum was trading down nearly 5% on the last 24 hours at $4,002.92 or £2,916.73 at 11.20am on Wednesday.
Every trade contributes towards auto-generating liquidity that goes into multiple pools used by exchanges
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At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2016, and Pro Bono Humanitarian Award by IA Bar Association in 2013.
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Despite this incident, crypto industry experts keep speculating about where Bitcoin's price is headed next with some suggesting it will soon hit $80,000. This past Friday, Bloomberg reported Bitcoin was headed for $80,000 to $85,000, while a crypto data expert said resistance at $60,000 would have provided the last buying opportunity before the coin would head for new all-time highs.
Cryptocurrency can be mined by people by using computers. By mining cryptocurrency, people are rewarded small amounts of Bitcoin or another crypto for doing so.