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What affects the price of bitcoin?
– moneysense.ca
I recently bought some bitcoin. I know that it’s volatile and that it will go up and down. But to better understand what’s happening, can you explain what affects the price of crypto? What makes it go down (and so dramatically)? What would make it go back up or at least bounce back? Any insights you have would be appreciated. Thanks. —Jordan
So, there are several factors at play here. First, remember that cryptocurrencies like bitcoin (BTC) are decentralized. Unlike stock prices, crypto values aren’t affected by how companies perform or which commodities are in demand. With bitcoin and other digital coins, pricing is mostly about general public sentiment.
In fact, one of the most infamous price swings happened last year courtesy of tech billionaire Elon Musk, CEO of electric car manufacturer Tesla. On Feb. 8, 2021, the company announced that not only had it acquired $1.5 billion worth of BTC (all figures in U.S. dollars), but it had started accepting the cryptocurrency from customers…
How to buy Solana (SOL) in Canada
– moneysense.ca
As cryptocurrencies become more mainstream, investors are looking beyond bitcoin and ether to get in on the action. These two coins still command the lion’s share of the $1.7-trillion global crypto market (all figures in U.S. dollars), but as they increasingly move in sync with stock markets, some investors are buying altcoins to diversify their holdings.
One of the beneficiaries of this trend is SOL, the native coin of the Solana blockchain. It is currently the ninth-largest crypto, with a market cap of about $28 billion, as of March 21, 2022, per CoinMarketCap. SOL traded at over $175 at the start of January, but fell to about $81 by March 15, 2022, amid a broader market decline…
