Last Week in Crypto: March 1-7

If you think about it, the Bitcoin (BTC) crash we keep calling a crash really isn’t one. Considering the price only started to sustain $40K prices in February. But it seems we are at another slow down for BTC now, playing at $50K. Pundits predict it might drop again before we set off for another rally. We’re here for it.

In the meantime, Ethereum (ETH) is also holding on to the $1700s having risen from last week’s dip. Binance Coin (BNB) also reclaimed its no.3 spot from Cardano (ADA).

We should mention what USDT really is briefly. The reason we don’t dwell on it is because it is very different from these others. They call it a stablecoin, a cryptocurrency that is pegged and backed by the dollar. That means it is not subject to wild price fluctuations. So why does it always show up on the chart? Because the ranking on CoinMarketCap looks at market capitalization (Current Price x Circulating Supply). Today, it is a well-known fact that a lot of traders use Tether to buy other crypto, thus its supply is in plenty. In a nutshell, it offers the advantages of crypto while still holding on to the traditional reserve backing of the dollar. Thus its name.

Crypto chart March 2021

By the way, we have always directed you to buy crypto from Binance when you are looking to buy something else aside from BTC, but you should know that you can only do it with a card at this point. So make sure to check that your card allows you to make online transactions. The reason you cannot use M-Pesa anymore is because the service Binance used, Flutterwave, had to pull out following the restrictions in Nigeria.

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