Why is the fluctuation of BAGS coin so big?

08/08/2023 21:15 • Metaverse Matters • 115 views

Why is the fluctuation of BAGS coin so big? Since June 1, 2020, the volatility of BAGS coin has been increasing.

In the past few days, due to the rise in the price of Bitcoin and the congestion of the Ethereum network, it has led to a significant drop in its price. As of around 10:10 today, the price of BAGS coin has increased astonishingly by 300%!

According to CoinMarketCap data, on May 18, 2019, the global market capitalization of cryptocurrency was 200 million US dollars, with Bitcoin accounting for more than 65% of the market.

Currently, the entire digital asset trading market is in a bear market. After a short and rapid rise in the BTC/USDT trading pair, there has been a slight pullback. However, with BTC continuously breaking historical highs and reaching new highs, other mainstream currencies have been declining, but BasisGold (BAGS) has not experienced a significant rebound following the trend of ETH.

Why do many investors consider BasisGold (BAGS) as “garbage coins”? What is the reason? It is because it is a new type of cryptographic asset with different value storage, scarcity, and liquidity, which can be used for investment and payments, among other purposes.

So how do we determine if BAGS coin is a “garbage coin”? Let’s take a look at the analysis: What is a “garbage project”? By analyzing various indicators on the blockchain, we can discover the essence behind garbage coins. This includes:

1. Each miner has their own mining algorithm;2. Each block producer creates their own blocks;3. When a user owns multiple blocks, they need to purchase more rewards;4. New token supply is generated every certain period of time.

If a miner is considered garbage, they must sell these garbage coins to all mining pools in order to obtain rewards. To prevent this from happening, the miner will store them on exchanges or charge fees to other miners to generate income or profit.

Why is Bag coin rising?

According to btcmanager news, why is Bag coin rising? Why is it increasing? Because in recent times, it has been gaining more attention and support. Currently, the price of Bag is $0.04, and it has doubled in price from January 8th till February. Although the price is not that high, this trend is continuing to ferment as market demand rises and investors’ recognition of it increases. BAG coin is one of the value-supported platforms wrapped in blockchain technology, with a total issuance of 1 billion coins, of which 60% is distributed to the community users through airdrops, and 20% is used for destruction.

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Why is the fluctuation of BAGS coin so big?

Why is Bag coin rising?

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