Author: Jimmy Aki
Updated: January 31, 2021
Price volatility and rising demand for various assets have left many primary cryptocurrency exchanges suffering to keep up with the market cooling once again, is value in exchanges whose activities have been particularly disrupted.
Last week, the cryptography market experienced a wave of activity following approvals from investors from Reddit and Elon Musk, the richest man in the world.
Musk, who has been monitoring the cryptocurrency area for some time, nevertheless added “Bitcoin” to his Twitter bio yesterday, indicating that he is now a full supporter of the main cryptocurrency.
By updating his biography to come with Bitcoin, the billionaire appears to have finished his transition to a cryptographic believer.
The stock went unnoticed and Bitcoin benefited from the approval of the richest guy in the world. Knowledge of CoinMarketCap showed that Bitcoin jumped 13. 9% in 30 minutes after Musk’s approval, only to eclipse $36,500 in a matter of hours. , assets rose to $37,200 and 20% more in 24 hours.
In addition to Bitcoin, the dog-themed dogecoin cryptocurrency also cries this week. The asset appears to have won the approval of Wall Street Bets, the same Reddit user who caused a 600% increase in the share price of GameStop. a mention on Twitter, the social media activity involving DOGE exploded.
Cryptographic knowledge provider TIE noted that Twitter volumes involving Dogecoin increased by 1787% on Thursday alone, with 89991 tweets about the asset posted on social media in one day.
Dogecoin’s tweet volume has surpassed Bitcoin in 24 hours.
This is the first time that an altcoin has been tweeted over more Bitcoin over a 24-hour period.
– TIE (@TheTIEIO) January 28, 2021
DOGE’s negotiating volumes also increased. According to CoinMarketCap data, assets increased by 342% on Thursday and even exploded into the 10 most sensitive cryptographic assets through market capitalization for the first time since 2015.
Although these significant gains have affected investors, stock markets have unfortunately not kept pace with activity Several inventory exchanges, such as Binance, Bittrex and Poloniex, have suffered cuts, with investors flooding their platforms and having to suspend withdrawals, especially for DOGE.
The San Francisco-based exchange, Coinbase, also reported a freeze on withdrawals, with several industry names criticizing the exchange for its suboptimate operation. Coinbase has mainly suffered cuts over the following year, and its recent cut will be a marvel. Too much.
The exchange resumed general activities, as did others that first reported problems. While the industry seems to be returning to the general, this occasion also presents some other challenge, that is, in the face of the GameStop saga and the role of brokerage platforms like Robinhood, which has limited inventory purchases in complete recovery.
One of the characteristics of the cryptography industry is the lack of manipulation that provides a one-off game box for everyone, meaning the industry will have to prepare for more periods of expanding activity, as the market attracts more attention.
Article information
Author: Jimmy Aki
Updated: January 31, 2021
Jimmy has been following the progression of blockchain for several years, and is confident he will democratize the monetary system.