According to data from CoinGecko, bitcoin/dollar is now positive by almost 5% on the week and 1.5% in the last two weeks.
As the market watches for signs of strength, crypto analyst Michael van de Poppe says a break above $31,100 paves the way for a test of resistance at $32,800. That would put bitcoin at price levels last seen in early May, when a falling market saw bitcoin crash from highs near $40,000 to hit lows of $26,600.
In fact, “Above and to think of sustainable increases, you have to exceed $35,000 to try to attack $40,000,” says Javier Molina, an analyst at eToro.
The Bitcoin price for this May 31, 2022
What is a cryptocurrency?
A cryptocurrency is an intangible and decentralized means of payment alternative to traditional money. This asset class allows operations to be carried out using digital encryption that provides security without the need for intermediaries. Cryptocurrencies have the same use as any other physical currency.
The “cryptos” are based on a decentralized computer network, which involves nodes distributed throughout the world with copies of all the transactions that have been made. Each cryptocurrency has its own algorithm, which is the one that manages the number of new units that are issued each year. This decentralized computer network with different nodes is known as a blockchain similar to an “accounting book”. Its blocks or nodes are linked using cryptography. Each block links a previous block as well as date and transaction data and by design are resistant to data modification. This network is open and records all transactions made by users. When a transaction is made, it is recorded in a block and automatically replicated in the rest. This means that the data cannot be modified or manipulated without modifying the rest of the blocks.
The value of the currency is variable and depends on the purchase and sale of its users, therefore, it is not recommended for inexperienced investors or those with a lack of information.
The top ten cryptocurrencies on the market are Bitcoin, Ethereum, Tether, BNB, USD Coin, XRP, Terra, Cardano, Avalanche, Solana. Your position on the list depends on the market capitalization. In total there are 100 currencies.
What is Bitcoin and how does it work?
The first cryptocurrency was Bitcoin created by “Satoshi Nakamoto”, the pseudonym of its anonymous creator. This person published an article in 2009 in which he described a 2P2 (peer to peer, network between 2 people) payment system that he called Bitcoin. Bitcoin has three functionalities: as an accounting unit, as a means of exchange and as a value preservation (although this last point is debatable, due to its volatility).
It is the most traded currency and the market leader.
What is Ethereum and how does it work?
Ethereum was developed in 2015, Ethereum is a blockchain platform with its own cryptocurrency called Ether (ETH) or Ethereum. It is the most popular cryptocurrency after Bitcoin.
The platform was created in 2015 by the programmer Vitalik Buterin, with the perspective of creating an instrument for decentralized and collaborative applications. Ether is a token that can be used in transactions using this software. Like Bitcoin, Ether exists as part of an autonomous system of peers, free from government intervention.
How to buy cryptocurrencies in Argentina?
In principle, a user must be opened in an exchange that allows cryptocurrency transactions. The second step is to connect the virtual wallet or wallet to transfer the cryptocurrencies from the exchange to it with the use of keys. Buy bitcoin. It is moved to the wallet or left inside the exchange user. In Argentina there are several companies that offer this service. Among the best known platforms are Ripio, Satoshi Tango, CryptoMarket, SeSocio, Bitso, Bitex, ArgenBTC, Binance Argentina and Buenbit.
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Source: Ambito
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