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Cryptocurrency is booming as Bitcoin and Ethereum hit new record highs

Major coins are increasing in value at an unprecedented rate.

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Whether or not you have any idea what cryptocurrency is all about, digital coinage will affect you sooner or later. More and more people outside of tech are understanding crypto investing and its money making opportunities, and there is no better evidence than the current trading frenzy that is driving the prices of the big cryptos Bitcoin and Ether (AKA Ethereum) soaring.

Here’s more from Bloomberg on MSN:

Bitcoin, the world’s largest digital token, rose up to 3.6% to $ 68,513, while Ether saw a more modest increase to around $ 4,840. The total value of digital tokens tracked by CoinGecko reached around $ 3.1 trillion.

Trying to figure out why virtual currencies are rebounding is often a daunting task, but some theories pointed to an appetite for assets that can deliver returns even if the pandemic rebound is fueling inflation. The US stock markets have hit record highs almost every day. Bitcoin is up more than 130% and ether is up 550% this year, although the volatility inherent in digital tokens is damaging to critics’ claim as a store of value.

According to an expert quoted by Bloomberg, “crypto is quick money” and is seen as a viable hedge against inflation.

There’s been a lot of talk lately that unrealized gains are a means of tax avoidance, so I suggest selling 10% of my Tesla stock.

Do you support that?

– Elon Musk (@elonmusk) November 6, 2021

Believe it or not, some think the current rally – Bitcoin (BTC) last went crazy with a big price spike in October – was all to do with Elon Musk. It comes after the Tesla founder and richest man in the world asked Twitter users whether he should liquidate 10 percent of his Tesla shares. The votes were in favor, and analysts suspected that with all that money Musk could hire – say, buy a huge amount of crypto – the market was preparing for whatever value the billionaire’s investment could bring to BTC or Ether.

The digital asset market is still quite new, but with the rise in popularity of NFTs (Non-Fungible Tokens) and the advent of the Metaverse, none of these digital currencies are going anywhere. Ups and downs maybe as the market remains volatile, but they’re here to stay.

Tags: Bitcoin Cryptocurrency Day Trading Ethereum Financial News NFT Wealth

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