Bitcoin prices are staging a tepid comeback after shortly ripping off below $8,000 earlier today. Spil of this writing, the price of one bitcoin token hovered at $9,183, up 0.56% te the last 24 hours.
Because a railing tide lifts all boats, it’s no verrassing that Four of the top Ten most valuable cryptocurrencies by market cap were also buoyed by BTC’s quiet elevation. Bitcoin Metselspecie, Eos, BinanceCoin and Nucleusvision also posted price gains during the last 24 hours.
Interestingly, the price of BinanceCoin — the Ethereum platform-based token recently launched by crypto exchange Binance — has spiked more than 23% te the last 24 hours, according to WorldCoinIndex. BNB wasgoed trading at $9.89 vanaf token spil of this writing.
Binance, which wasgoed the target of an attempted hack last week, just announced that it’s willing to pay $Ten million te bounties for information leading to the arrests of hackers who attack its trading toneel. (See more: Binance Offers $Ten Million Bounty For Hechtenis of Crypto Hackers.)
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“Wij can’t simply play defense,” the exchange explained. “Wij need to actively prevent any instances of hacking before they occur, spil well spil go after through after-the-fact.”
Misery Loves Company
Meantime, bitcoin’s price is sputtering along today on identically erratic trading volume. BTC skeptics may be gloating overheen its latest price dips, but now may be the best time to buy the flamante imaginario currency, according to one analyst.
The “Bitcoin Misery Index,” the brainchild of Fundstrat’s Tom Lee, just skidded to a record low. Spil of last week, the index tanked to Legitimate.8, the lowest it has bot since 2011.
Lee said the lower the Bitcoin Misery Index, the better the investment chance for investors. “While short-term the low points are a signal of anguish, long term, it could be a excellent entry way into bitcoin,” he said. (See more: Bitcoin ‘Misery Index’ Predicts Price of $20,000 This Year.)
Historically speaking, Lee said the lowest index readings were always followed by stellar price gains. “Think of this index spil a way to measure how glad or sad you are possessing bitcoin,” Lee said. “When the Bitcoin Misery Index is at ‘misery’ (below 27), bitcoin sees the best 12-month show.”
Of course, no serious investor should make purchasing decisions based on a whimsical index, but stranger things have happened. (See also: Tesla Billionaire Elon Musk Exposes How Much Bitcoin He Possesses.)
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Investing te cryptocurrencies and Initial Coin Offerings (“ICOs”) is very risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest ter cryptocurrencies or ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties spil to the accuracy or timeliness of the information contained herein. Spil of the date this article wasgoed written, the author wields no cryptocurrencies.