WHY BITCOIN MATTERS?

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WHY BITCOIN MATTERS?

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VERY IMPORTANT

Please do not buy a stock just because it is talked about in Youtube. This video is for informational purposes. This is to give you a reference point and data on how you are suppose to analyse stocks only. Never buy or sell just because of this video.

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#StockSmarts #Bitcoin #Crypto
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After a multi-week streak of losses, the crypto world saw a surprise rebound this week. Tokens like Bitcoin , Ethereum, and Dogecoin were up as much as 20.5%, which raises a question: Should you invest in cryptocurrencies right now?

Between the afternoon of Sunday 25 and Monday 26 July, several digital currencies recovered from the sell-off that hit their market just a week ago, when Bitcoin fell below $ 30,000 .

In a matter of hours, Bitcoin went from $ 34,485 per unit at 5:04 p.m. (GMT-6), to $ 38,300 by 8:54 p.m., an increase of 11% . The price of BTC continued to climb to a high of $ 40,169 on Monday at 2:19 PM. This means a total increase of almost 16.5% in one day , according to data from CoinMarketCap.

For its part, Ethereum was trading at $ 2,113 on Sunday at 9:34 a.m. (GMT-6), and at 9:39 p.m. it was already priced at $ 2,320, a jump of almost 10%. On Monday at 2:24 p.m., ETH reached $ 2,420 per token , that is, a cumulative increase of 14.5% on the day.

Another beneficiary was Elon Musk's favorite cryptocurrency, Dogecoin . The token inspired by the DOGE puppy meme cost $ 0.1926 at 11:49 a.m., and by 1:24 a.m. it reached its peak of $ 0.2318 , a jump of 20.3% in less than 14 hours.

Did you notice that the three graphs follow a similar pattern? In these examples you can notice an increase in the price of the cryptocurrency, followed by a plateau with an upward trend, and then a fall that shows signs of recovery.

Other digital currencies such as Binance Coin , Cardano , XRP , Polkadot , Uniswap , Bitcoin Cash and Litecoin , registered almost the same patterns as those already mentioned in their behavior charts.

It may interest you: Get to know Xoycoin, the Mexican cryptocurrency linked to Ethereum in which you can invest from 20 pesos
Why did cryptocurrencies rebound?
Several specialists agree that Jeff Bezos played a crucial role. Rumors that Amazon might accept Bitcoin and other cryptocurrencies as a form of payment would have spurred investment in tokens, Jeffrey Halley, a senior market analyst for Asia Pacific at Oanda, was quoted as saying by CNN .
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