Bitcoin
You will love Ripple (XRP) more after diving deep in Bitcoin history
Back in the days when cryptocurrency was still new into the world (it still smells young), lots of headlines in the news were about Bitcoin and its price activities. Most investors at that time who took the opportunity to trade on Bitcoin enjoyed a massive success financially. Back then, altcoins such as Ripple’s XRP weren’t that much as they were just a handful of them (now we have more than 1500).
Taking a look at the history of Bitcoin, you will love to appreciate how far Ripple (XRP) has come so far in the crypto-market. So let’s take a detailed look at the history of Bitcoin.
Bitcoin’s History in Brief
The mysterious Satoshi Nakamoto created Bitcoin on the 3rd of January 2009. Although the BTC founder is still unknown today, it has been estimated that he owned 980k BTCs when the cryptocurrency was created. Taking the estimated number of Bitcoins he’d have in mind, Satoshi’s net worth could be $7.5-$8 billion.
Moving forward, Bitcoin is a cryptocurrency that makes use of a large amount of electricity before it can be mined; also, Satoshi’s crypto-protocol only permits 21 million BTC to be mined (the maximum amount that will get mined forever). Reports say that on the first amount of electricity used to generate Bitcoin, its worth was estimated to be around $0.00007.
The first Bitcoin exchange to fiat currency conversion took place in October 2009 by Marti Maimi. The following year, 2010, the first BTC exchange was created, and it was called, BitcoinMarket – the price of 1 BTC was positioned at $0.003 at that time. In December 2011, Bitcoin started trading at $6.18 against USD.
Two years later (2013), Bitcoin started growing in pace and was trading at $817.12 against U.S Dollars. After several use cases of Bitcoin in the world, the value of Bitcoin surged, and it was trading at $429.78 against the U.S Dollar on the 31st of December 2015.
In July 2016, a document was issued stating that the use of BTC for legal transactions had surpassed the application for “sin enterprise.” Fast forward, in October 2018 an entertainment enterprise, PlayboyTV, introduced BTC payments to its 100 million clients worldwide.
More interestingly, it has been reported that in ten years, about 80 percent of BTC has been mined, which implies about 16.8 million BTC ever since it was created (remember Ripple (XRP) needs not to be mined unlike BTC and other digital currencies).
But it has been estimated that it might take hundred more years for the remaining 20 percent of BTC to get mine. The reason is that the incentive miners get when they mine BTC is halved in every 4-years. According to Bitcoin’s history, it has enjoyed a gradual increase over the years.
Why It All Comes Down to Ripple’s XRP
No doubts, Ripple (XRP) will surely take its own path but will grow just as Bitcoin did. Why? We hear you ask. Simply because, as like Bitcoin, Ripple (XRP) is solving real-world problems, and will have real-life uses.
It means that the current XRP investors right now, would no doubts be millionaires in the future. Ripple’s XRP is emerging as a top-notch cryptocurrency with utility, and we may see more adoption in the years to come.
XRP’s Price Overview
After its remarkable surge a couple of days ago, in the last 24 hours, XRP has gone down by 3.08%. At the press time, XRP is trading at $0.5152 with a market capitalization of $20,716,428,980.
Yesterday an unusual transaction happened on Ripple ledger as forty million XRPs were transferred from one account to another. Even though the current XRP price is following the suit of market trend (almost all significant coins are trading in red again today), yesterday’s massive XRP transfer might have caused some panic for over-conscious investors.
Consequently, although Ripple’s XRP is in red as we write this; but there are high chances it will move up again shortly; hence this is not the right time to sell as we may see a further surge in the upcoming days.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
