According to Transfero, the correction of bitcoin shows it is losing momentum. According to the company’s analysis, the US$ 57.2,000 support was broken, however, without volume. This made the price return above that level in the seven days ended November 25, when the assessment was made.
“This is a good sign, as it shows that trading volume in this range has been high, with bullishs outperforming bearishs”, the analysts said.
According to Transfero’s team of experts, you can see (in the chart below) that the market is in a zone of lateralization, in which prices range between US$ 55.2 thousand and US$ 60.1 thousand. “It is possible that BTC will move within this range in the next few days, since the movement of altcoins is gaining strength. It is even possible that there will be a break down of this range, taking the price to the US$ 51.2 thousand support”, the analysts said.
It is important to note that the Fear & Greed index registered a fall of 22 points since the previous week, reaching the 32-point mark. This investors’ concern made room for new buying opportunities according to Transfero’s assessment.
In addition, BTC dominance has dropped considerably, pointing to an appreciation in the altcoins market. Some of the main highlights were coins related to the “gaming” category, such as GALA, which has valued more than 200% in the last seven days (considering the period from November 18 to 25), and the “metaverse” application, as was the case of MANA (Decentraland), which rose more than 40% in the same period.
Star Atlas stands out
According to Transfero, one of the most promising games of the coming years, Star Atlas, follows the play-to-earn model on Solana’s blockchain, promising to revolutionize the industry with amazing graphics. The game objects are NFTs that can be traded via the ATLAS token.
In addition, the POLIS token will also be part of this ecosystem, and token holders will have voting rights in discussions about the game’s development.
“It is worth noting that in the period between November 18 and 25, the token reached its historical market cap high, surpassing US$ 425 million, with a valuation of more than 50%.
What is bitcoin?
Bitcoin is a cryptocurrency created in 2009 by the legendary character of Satoshi Nakamoto, who months earlier released a whitepaper (A Peer-to-Peer Electronic Cash System) describing how it works. The concept he created (peer-to-peer, or P2P) means that financial transactions are made without intermediaries, such as banking institutions.
Some decentralized digital currency projects preceded bitcoin, but it was the first one to be used.
How to buy bitcoin?
Considering that bitcoin is the main cryptocurrency on the market, it is possible to buy it at almost any broker, both with fiat money and other cryptocurrencies.
What is the bitcoin price today?
Check last week’s chart with the bitcoin price
How to invest in bitcoin in Brazil?
To invest, you need to have a wallet open at an exchange. You can buy in it any amount, in other words, you do not have to buy 1 bitcoin, but fractions of the currency are also allowed. The smallest fraction of 1 bitcoin is 1 satoshi, equivalent to 0.000000001.
It is possible to buy in real, bank transfer, credit or debit card, or another cryptocurrency, such as the BRZ.
Another possibility of investing in bitcoin is through investment funds. Three types of them allow investing in cryptocurrencies: hedge funds, venture capital funds, and private equity funds. Crypto Fund Research counts 804 cryptocurrency investment funds. Of these, 53% are venture capital, 44% hedge, and 3% private equity.
In Brazil, the largest cryptocurrency investment fund managers are Transfero (which actively manages funds combined with gold), Hashdex, and BLP.
How to mine bitcoin?
The term mining comes from extraction – and that is exactly what happens with bitcoin, as each block is literally extracted from virtual environments. Miners are computers that are responsible for verifying, transmitting, and recording transactions on the blockchain.
The validation of the record depends on solving calculations provided by the networks, such as a riddle. Once solved, a new block of transactions is added to the blockchain. Bitcoin mining aims to maintain the integrity and security of the transactions, as it validates the transactions and registers them on the blockchain.
It is virtually impossible to profit from mining on the bitcoin network by the processing power of a personal computer and a few video cards. Thta’s because mining is designed to be a complex process – and the difficulty only increases.
Thus, you need more computing power to invest in mining. Today, mining-specific equipment already exists that makes it virtually impossible to mine any other way.
How does bitcoin work?
The total supply of bitcoin is limited by its software and will never exceed 21 million currencies. This feature of scarcity is what guarantees its appreciation.
In addition, every four years (on average), bitcoin goes through halving, an event in which the mining reward is cut in half. When this happens, the impact is positive for the appreciation of the currency.
How to invest in bitcoin step by step?
- Create a virtual wallet at an exchange. It works like a bank account and makes all the buying, selling, and storage transactions possible;
- It will be necessary to confirm some personal data, create a login and an authentication key (double-checking system), which guarantees security;
- Transfer the amount in real that you intend to invest (or, depending on the broker, in another crypto-asset) to your wallet
- Follow the currency exchange rate to choose the best time to buy.
How is bitcoin quoted?
The bitcoin quote is very similar to the price formation of a commodity, and the price rises or falls according to selling demand and buying demand.
Several factors can cause the price of bitcoin to rise, such as institutional adoption, hype, supply shortages, and loss of confidence in fiat currencies (inflation). It makes more people seek out crypto-assets, causing their prices to rise. On the other hand, restrictive regulation can make the price falls.
And where is the bitcoin price set? In the exchanges, where it is bought and sold. Thus, the bitcoin price is the last traded value. And there are no limits on days and times for trading crypto assets. In other words, there are updated quotes at all times, 24 hours a day, seven days a week.
How to track bitcoin quotes?
In effect, there is no single price of bitcoin. The price shown in some services, such as Coinmarketcap is a weighted average of the price on major exchanges in the market. Thus, there may be slight price differences between exchanges, allowing prices to be arbitrated between them.
There are services like Coin Trade Monitor that show what these arbitrage opportunities are and robots that also do this work. Using these data, someone can buy cryptocurrencies on one exchange and sell them more expensive on another, getting profit.
Check out the analysis of previous weeks
Bitcoin price: for Transfero, currency maintains an uptrend (01/10/2021)
Bitcoin price: uptrend is confirmed and currency expected to stay above US$ 50,000 (03/09/2021)
Bitcoin price reinforces upward trend and market reaches May level (08/19/2021)
Bitcoin has a week of highs and confirms a positive trend (13/08/2021)
Bitcoin price: upward trend, suggests Transfero analyst (05/08/2021)
After staying below US$ 30,000 the bitcoin price rose again reversed the downtrend; see the Transfero assessment (29/07/2021)
Bitcoin adjustment was expected, and currency should stay at around US$ 30,000 (23/07/2021)