Balancer Price Reaches $6.92 on Exchanges (BAL)

Balancer (BAL) traded 3.3% higher against the US dollar during the 1-day period ending at 19:00 PM ET on January 25th. Over the last week, Balancer has traded up 9.1% against the US dollar. One Balancer token can now be bought for approximately $6.92 or 0.00029919 BTC on popular exchanges. Balancer has a total market capitalization of $324.96 million and approximately $12.03 million worth of Balancer was traded on exchanges in the last 24 hours.

Here is how similar cryptocurrencies have performed over the last 24 hours:

  • Aidi Finance (BSC) (AIDI) traded up 2.3% against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Zoo Token (ZOOT) traded up 3.7% against the dollar and now trades at $0.0611 or 0.00000264 BTC.
  • CareCoin (CARES) traded up 3.7% against the dollar and now trades at $0.0759 or 0.00000328 BTC.
  • OmniaVerse (OMNIA) traded down 3.6% against the dollar and now trades at $0.0020 or 0.00000009 BTC.
  • Kitty Inu (KITTY) traded 3.7% higher against the dollar and now trades at $93.95 or 0.00406323 BTC.
  • Lunar (LNR) traded down 2.6% against the dollar and now trades at $0.0278 or 0.00000120 BTC.
  • Hokkaidu Inu (HOKK) traded 11.6% lower against the dollar and now trades at $0.0005 or 0.00000002 BTC.
  • QANplatform (QANX) traded up 3.7% against the dollar and now trades at $6,594.55 or 0.28520853 BTC.
  • 2G Carbon Coin (2GCC) traded 0.3% higher against the dollar and now trades at $135.76 or 0.00587151 BTC.
  • Lego Coin (LEGO) traded 5.8% lower against the dollar and now trades at $0.0406 or 0.00000175 BTC.

Balancer Profile

Balancer launched on June 20th, 2020. Balancer’s total supply is 54,901,749 tokens and its circulating supply is 46,939,290 tokens. Balancer’s official message board is balancer.finance/blog-feed. Balancer’s official Twitter account is @balancerlabs and its Facebook page is accessible here. The official website for Balancer is balancer.finance.

According to CryptoCompare, “An AMM, or Automated Market Maker is a general term that defines an algorithm for creating and managing liquidity.¬†Instead of paying fees to portfolio managers to rebalance the users' portfolio, they collect fees from traders, who rebalance their portfolio. Users can earn returns by providing liquidity or as a trader swap between any assets in the global liquidity pool.The protocol operates a few types of pools:Private pools give the owner governance over the pool, and make the person the sole contributor of liquidity to the pool. Also, all the parameters are mutable by the owner.Shared pools are for those who want to become liquidity providers (LPs). The LPs are rewarded with the Balancer Pool Tokens (BPTs).Smart pools are similar to private pools but are controlled by a smart contract. They also reward using BPTs and allow anyone to contribute liquidity to the pool.For Balancer, security is a top priority and that is why the protocol has been fully audited three times by Trail of Bits, ConsenSys and OpenZeppelin. There are no admin keys or backdoors, hence, making it trustless, and the balancer pools are not upgradeable. Balancer does not support tokens that do not conform to the ERC-20 standard, even though they may be in use on some pools. The tokens held on Balancer pools are not controlled by Balancer, but are smart contracts. Nevertheless, that does not remove the inherent risks of smart contracts. The configurable rights pools (CRPs) ensure that tokens with known issues are barred from being used in pools. It further ensures that all other tokens safely interact with the protocol.”

Buying and Selling Balancer

It is usually not possible to buy alternative cryptocurrencies such as Balancer directly using U.S. dollars. Investors seeking to acquire Balancer should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Coinbase, Changelly or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Balancer using one of the aforementioned exchanges.

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