How have cryptocurrencies performed today? Analysis of their volatility and trends

How have cryptocurrencies performed today? Analysis of their volatility and trends
How have cryptocurrencies performed today? Analysis of their volatility and trends

Cryptocurrencies are characterized by using blockchain networks, not physically existing, and lacking regulation. (Getty Images)

More and more people have decided to invest in the world of virtual currenciesdespite the volatility that characterizes them, with the objective of having a medium and long-term investment.

Also driven by certain individuals or governments seeking to adopt these digital currencies as legal tender, cryptocurrencies have been on a roller coaster ride that has led to significant ups and downs that have turned more than one of them upside down.

However, Investing or buying in cryptocurrencies It is easier than it seems. It should be remembered that these are virtual currencies, so they will be controlled in wallets or purses that share this characteristic, since unlike regular money, they do not have a physical support.

How the main cryptocurrencies and their prices have moved this year July 7th.

He bitcoin is trading today at $57,409.98, which implies a change of 1.32% in the last few hours.

The second most popular cryptocurrency on the market, ethereumhas shown a movement of 1.01% in the last 24 hours, so its value is located at $3,011.71.

About Tether USis quoted at 1 dollar, so in the last day it had a movement of 0.02%.

For its part, BNB has a value of 507.6 dollars, with a change of 1.93%, while the litecoin It does the same with 64.26 dollars after a variation of 3.84%.

Finally, the dogecoinone of the cryptocurrencies promoted by Elon Musk himself, is worth $0.11 after a change of 4.14% in the last 24 hours.

Logo of the cryptocurrency bitcoin. (REUTERS/Eric Gaillard)

He cryptocurrency market It works in a decentralized way and is based on blockchain technology that guarantees security in its transactions. Although each of them may have specific rules and mechanisms Regarding its operation, there are some general characteristics that can be listed and that facilitate its understanding:

Blockchain: Unless it is a token, all cryptocurrencies use blockchain technology, a decentralized and secure digital record that allows verified transactions to be carried out through a network of computers called nodes.

The blockchain helps to record and verify all the transactions made with the cryptocurrency and each of them is grouped into blocks, which in turn are sequentially linked to a blockchain, thus creating an immutable and transparent history for everyone.

Cryptography: This type of digital currencies uses cryptography techniques to protect privacy between users, authenticates transactions and also controls the issuance of new currencies.

Mining: Some cryptocurrencies use the process of mining to validate and secure transactions on the network. Miners use their computing power and solve mathematical problems to verify and secure transactions in exchange for receiving rewards in the form of new cryptocurrency.

However, many cryptocurrencies have a limited supply, meaning that only a finite number of new units will be created, in order to prevent inflation and maintain the value of the cryptocurrency in the long term. The issuance of new units may be scheduled or may depend on a community consensus.

Wallets: Wallets are applications or devices that allow users to store and manage cryptocurrency. There are several types: online (in the cloud); software (on a computer or mobile device); and hardware (physical devices that store private keys securely).

Keys: Each user of a cryptocurrency has a public and private key; the first is used to receive funds, while the second is used to digitally form transactions and prove ownership of the funds.

Cryptocurrencies in Mexico: The Bank of Mexico (Banxico) has determined that none of the institutions participating in the national financial system may use or allow operations of any kind through this means of payment.

However, a study carried out in 2022 by the firm Finder, records that in the country there are around 12 million Mexicans who own cryptocurrencies, with 59% being men and 41% women.

In Mexico, businessman Ricardo Salinas Pliego, one of the richest in the country, has shown interest in cryptocurrencies and has assured that several of his businesses will accept bitcoin in the future, including his bank; currently one of his most popular stores already does so.

A representation of cryptocurrencies. (REUTERS/Dado Ruvic/Illustration/File Photo)

Cryptocurrencies in Peru: The Central Reserve Bank of Peru (BCR) has made it clear that its mission is not to be the first or second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago the president of the (BCR) assured that the BCR was working on a project for its own digital currency.

Cryptocurrencies in Colombia:There are more than 500 places in the South American nation where it is allowed to pay with cryptocurrencies. Colombia ranks 14th out of 26 countries in cryptocurrency adoption, according to the Finder report.

Cryptocurrencies in Central America: in the government of The Saviorgave him his vote of confidence and on June 9, 2021 became the first country to legalize bitcoin as legal currency. In addition, President Nayib Bukele announced his intention to create the first Bitcoin City in Conchagua and it would be financed through tokenized bonds backed by bitcoin.

When creating a cryptocurrency it is important to first determine what you want to have: a coin or a tokenThe first uses its own blockchain, while the second is based on a pre-existing network.

According to the Binance site, to create a cryptocurrency you need a large team of developers and experts; while the token does require technical knowledge but it is possible to create it in minutes through the use of other blockchains like Ethereum or BNB, which are the most popular.

The costs of creation, the time required and the use of labor will depend on whether you choose to make a virtual currency or a token. In the latter case, you can also use a established code to create tokens or pay to use a coin creation service.

It is important to know that before creating a cryptocurrency, its usefulness and legal status must be considered.

In the case of choosing to create a cryptocurrency, then a blockchain must be chosen, then a plan must be made according to the operation and functionality of the blockchain to design the nodes and the interface.

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