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Data from market tracking platforms shows XRP’s market capitalization has surpassed $41 billion, with the price approaching the $0.75 resistance level. This movement comes as the cryptocurrency’s open interest on derivatives markets increased by 14% to $1.1 https://magicyclops.com/musical-ear-what-is-it-and-how-to-develop-it/ 20 billion, resulting in $24.5 million in liquidations during the past 24 hours.
It is important to note that the mechanism behind XRP transactions doesn’t require a transaction fee, which is a standard feature for most cryptocurrencies. Instead, it requires the sender to burn a tiny portion of the XRP, which positions XRP as deflationary.
Technical analyst Armando Pantoja has identified patterns in XRP’s price movement that bear similarities to those observed during previous rallies. Pantoja points to a symmetrical triangle pattern, positive MACD (Moving Average Convergence Divergence) readings, and increasing volume as key indicators supporting his analysis.
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Furthermore, some who defend Bitcoin argue that the gold and banking sector — individually — consume twice the amount of energy as Bitcoin, making the criticism of Bitcoin’s energy consumption a nonstarter. Moreover, the energy consumption of Bitcoin can easily be tracked and traced, which the same cannot be said of the other two sectors. Those who defend Bitcoin also note that the complex validation process creates a more secure transaction system, which justifies the energy usage.
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What exactly are governments and nonprofits doing to reduce Bitcoin energy consumption? Earlier this year in the U.S., a congressional hearing was held on the topic where politicians and tech figures discussed the future of crypto mining in the U.S, specifically highlighting their concerns regarding fossil fuel consumption. Leaders also discussed the current debate surrounding the coal-to-crypto trend, particularly regarding the number of coal plants in New York and Pennsylvania that are in the process of being repurposed into mining farms.
The very first cryptocurrency was Bitcoin. Since it is open source, it is possible for other people to use the majority of the code, make a few changes and then launch their own separate currency. Many people have done exactly this. Some of these coins are very similar to Bitcoin, with just one or two amended features (such as Litecoin), while others are very different, with varying models of security, issuance and governance. However, they all share the same moniker — every coin issued after Bitcoin is considered to be an altcoin.
However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, he handed the network alert key and control of the code repository to Gavin Andresen, who later became lead developer at the Bitcoin Foundation. Over the years a large number of people have contributed to improving the cryptocurrency’s software by patching vulnerabilities and adding new features.
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The market will likely continue to mature with further regulation and innovation. If so, celebrity influence will continue to diminish as it seemingly has for Musk. While crypto natives are still very fond of the occasional meme coin , blockchain technology has showcased its potential and attracted real investors and billions of dollars in institutional capital.
Meanwhile, speculation continues to swirl that Tesla could add bitcoin and crypto support to his social media platform X, which has quietly been acquiring money-transmitter licenses across the U.S. and has said it plans to «revolutionize» payments in 2024.
Explaining its investment on Monday, Tesla said that it wanted to maximise returns on cash lying dormant in the company’s accounts. It also expects to accept payment for its electric cars in Bitcoin in future.
The cryptocurrency has already risen in value by 62% this year, on top of a 300% rally in 2020, as investors search for alternative assets at a time when interest rates in many countries are at record lows.
The bitcoin price has rocketed to over $73,000 per bitcoin, pushing up the wider ethereum, XRP XRP , solana, dogecoin and crypto market, amid speculation Wall Street giant BlackRock could be quietly eyeing a $90 trillion earthquake.
