BITCOIN and Ethereum as well as other cryptocurrencies continue to be volatile as the markets continue their rollercoaster ride.
The two largest currencies, Bitcoin and Ethereum, have seen prices rise over the past week.
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The calm period for most cryptocurrencies has seen their prices move by less than two percent over the last day.
The only notable exception has been Dogecoin which has rocketed by ten per cent after Coinbase added the meme-based currency to its trading platform.
“Starting today, transfer Doge into your Coinbase Pro account ahead of trading. Support for Doge will generally be available in Coinbase’s supported jurisdictions,” the crypto exchange wrote in a blog post.
“Trading will begin on or after 9AM Pacific Time (PT) Thursday 3 June, if liquidity conditions are met.”
In the last 24 hours, Dogecoin has rose by 31%.
The “Dogefather” Elon Musk celebrated the news by sharing a meme that showed a “dogecoin standard” dust cloud enveloping a town labelled the “global financial system”.
Buying cryptocurrencies, like any investment, is a very risky business and making money is never guaranteed.
You should make sure you know the risks of investing in cryptocurrencies and that you can afford to lose any money you put in.
Cryptocurrencies are highly volatile, so the value of your investments can go down as well as up in the blink of an eye.
Some products and cryptocurrency services are very complex to understand.
You should only invest in things you understand.
Cryptocurrencies are a speculative investment, with limited track records and a lack of a reliable basis.
There is no guarantee that you can convert cryptoassests back into cash, as it may depend on the demand and supply in the existing market.
Fees and charges may also be higher than with regulated investment products.
We know that crypto firms may also overstate the returns or understate the risks. Be careful.
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What is Bitcoin’s price today, June, 2?
The price of Bitcoin has continued to rise since last weekend where the price has shot up by £3,000.
The price of Bitcoin is currently sitting at $37,916.38 (£26,813.36) on June 2, still well down from its all-time high of $64,621 on April 14 (£45,616).
Elon Musk‘s comments have continued to impact the cryptocurrency markets.
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Musk has hit out at Bitcoin’s huge energy use as well as initially pulling Tesla’s support of Bitcoin payments.
The bitcoin network currently uses more electricity than the entire country of The Netherlands, according to the Cambridge Bitcoin Electricity Consumption Index.
His about-turn came days after the cryptocurrency plunged when Musk declared that Tesla would no longer accept Bitcoin payments to buy cars.
The founder cited the harmful effects to the environment that comes with mining the cryptocurrency, which is a hugely energy-intensive process.
The price of Bitcoin dropped last month as Turkey banned cryptocurrency payments.
People considering investing in Bitcoin or shares and stocks have been warned over “risky” tips being shared on TikTok.
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What is Ethereum’s price today, June, 2?
At the time of writing on June 2, the second-largest cryptocurrency ether was valued at $2,761.85 (£1,953.10), which was a significant rise from its value on May 30.
The value of Ethereum has plummeted from $4,260 (£3,002.11) on May 12.
Ethereum is a cryptocurrency that was released in 2015. It’s the second largest after Bitcoin.
It was founded by eight people, one of which is 27-year-old cryptocurrency “celebrity” Vitalik Buterin.
He recently became the world’s youngest crypto billionaire as Ethereum soared in value.
Ethereum is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.
A blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.
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What is Ripple’s (XRP) price today, June, 2?
The value of Ripple (XRP), at the time of writing, was $1.03 (£0.72), a huge rise from the massive fall on May 30.
XRP is a form of digital currency that can be used on the Ripple network.
It can either be transferred between individuals or banks.
For example, if you need to send euros to someone who uses dollars, the Ripple network would convert this into XRP.
The key difference between the two is that XRP is a coin, while Ripple is a network that allows the transfer of money.
The founders of Ripple created XPR before the company Ripple existed.
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What cryptocurrencies have increased the most in value today, June, 2?
- Dogecoin up by 30.92%, according to goldprice.org
- Ox up by 18.38%
- OKB up by 18.16%
- Binance Coin up by 16.23%
- Polkadot up by 12.79%
New crypto coins – a warning
EXPERTS warn investors should ace with “extreme caution
The price swings can be wild and there is a real risk investors could get burned.
This is due to the lack of data in which you can base your investment risk on and the increased possibility of scams.
Cryptocurrency firms aren’t regulated in the way that other financial firms are. This means that you won’t have any protection if things go wrong
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What cryptocurrencies have decreased the most in value today, June, 2?
- Decred went down by 4.48% according to Goldprice.org
- Stellar went down by 3.9%
- Tether is down by 0.58%
- Dai is down by 0.45%
Elon Musk has huge influence over the crypto market as he announces he will no longer accept Bitcoin for Tesla products
