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Cryptocurrency

Bitcoin drops $900 after hitting a lifetime high

Bitcoin is still rallying high relatively amid the present price correction seen on the bias it set a new record high.

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MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The flagship crypto, Bitcoin lost about $900 after hitting $24,084 at yesterday’s trading session.

What you must know: Bitcoin is still rallying high relatively amid the present price correction seen on the bias it set a new record high as the leading crypto asset ongoing bullish rally continues through the weekend before Christmas.

READ: Bitcoin’s market value can reach $600 billion – JP Morgan Chase

  • The price of the world’s most popular cryptocurrency continued its recent torrid run. At the time of writing this report, Bitcoin price traded at $23,170.24 with a daily trading volume of $40 billion. Bitcoin is down 0.03% for the day.
  • Still, with prevailing market conditions, Bitcoin’s year-to-date percentage gains have grown to over 220%.

Meanwhile, the number of Bitcoin owners in profit hit a record high, as data from Glassnode revealed the number of Bitcoin Addresses in Profit (1d MA) just reached an all-time high of 33,080,146.

READ: Crypto: Alpha Finance gains 400% in 10 days, supported by a big bank

  • The previous all-time high of 33,062,020.542 was observed on 17 December 2020.
  • Metric Description; The number of unique addresses whose funds have an average buy price that is lower than the current price. “Buy price” is here defined as the price at the time coins were transferred into an address.

READ: 50% of top 500 companies will hold Bitcoin by 2021

Why Bitcoin’s bullish run is still in play?

Bitcoin has a significant first-mover advantage, not only because it’s the first crypto as we know it, but because it was the first one with a gold-like store of value properties.

  • As such, it enjoys tremendous network effects (not dissimilar to those experienced by social networks like Facebook and Twitter), due to its vibrant community of users, developers, miners, exchanges, custodians, etc.
  • Nothing demonstrates this better than the fact that Bitcoin is an open-source project that can be copied or forked by anyone in the world at any moment.
  • And yet despite being forked many times over the years, it remains the dominant crypto (store of value or otherwise) both in terms of market capitalization and liquidity.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

XRP stands firm, investors wait on Ripple’s legal outcome

XRP price traded at $0.457053 with a daily trading volume of about $6 Billion. XRP is up 1.94% for the day.

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XRP

Investors are anxiously waiting for the legal outcome filed against Ripple, creators of XRP, as the digital asset, recorded decent gains amid recent price market correction prevailing at the crypto-verse

Investors are holding firm on reports that revealed Christian Larsen, the Chairman of Ripple, has joined company CEO Brad Garlinghouse in passing a motion to dismiss the charges filed by the U.S. Securities and Exchange Commission.

In a court letter filed recently, the Chairman of Ripple’s attorneys provided facts detailing their reasons on why the legal case against the Ripple executive should be struck.

According to the letter, the SEC has not been able to prove its evidence that the Ripple top executive“knowingly or recklessly provided substantial assistance” towards the violation of Section 5 of the Securities Act of 1933.

What you should know: At press time, XRP price traded at $0.457053 with a daily trading volume of about $6 Billion. XRP is up 1.94% for the day.

The crypto asset is currently the 7th most valuable crypto with a market value of $20.7 billion.

That being said, its parent company, Ripple is currently piloting a private type of open-source, public XRP ledger that allows Central Banks to create and manage a digital currency—enabling global interoperability.

  • Recall some months back, Ripple revealed to the public that it was informed by the U.S Securities and Exchange Commission that they had plans to sue the founders in a Federal civil court. Ripple and its top lieutenants further disclosed that they planned to fight such allegations.
  • Ripple has however significantly upgraded on how it manages XRP, relinquishing control of the future development of XRP over to independent developers.

But it still holds about 6.4 billion XRP directly and has an additional 48 billion XRP held in an escrow from which it periodically sells to the public.

It has so far distributed 45 billion XRP since its debut. That is different from the ways in which bitcoin is created and distributed.

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Cryptocurrency

The Bitcoin market you know today was built by people, not institutions

This dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.

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Bitcoin recently gained significant global attention, as the richest man in the world, Elon Musk, invested 1.5 billion USD in it. This asset, which was selling for under 1 USD just 11 years ago, has reached new highs in the market with a current price of over 40,000 USD—a phenomenal growth in a decade that no asset class in the market can match.

Some institutions and jurisdictions seem threatened by the existence of digital currencies, which is why the occasional objection about Bitcoin has surfaced on the Internet. Still, this dominant and decentralized currency has proven that people can be its driving force, as its users practically own the market.

A few years ago, when people were still skeptical and unconvinced about BTC and its potential, there were those in the industry driven by the ideology that this asset class could create a better global financial system. The reality is that transferring money and processing payments using the current financial system comes with some setbacks.

In one way or another, monetary transactions using traditional payment systems can be laborious and limited, especially to those who have no access to banks and other financial services. This motivated Ray Youssef and Artur Schaback to create a platform that can reach billions of people worldwide.

They explored Bitcoin and discovered opportunities to provide people access to a new financial market. This discovery and enthusiasm led to the creation of Paxful.com, a peer-to-peer trading platform that enables people to buy and sell crypto with anyone, anywhere, at any time.

Currently, Paxful offers over 350 ways to buy and sell Bitcoin and other digital currencies, making it easy for anyone to acquire fractions of BTC and join in on the 900 billion dollar market. Ultimately, Bitcoin has the potential to help people support various financial limitations by allowing them to:

  • Pay for goods and services
  • Donate to charitable organizations
  • Build and grow a business
  • Protect the value of their wealth
  • Send money faster at a cheaper rate

Apart from providing financial opportunities through the platform, Paxful also uses BTC to uphold quality life and education through the Built With Bitcoin initiative. Every crypto donation goes towards the construction of schools in emerging markets to empower people through learning to live a better life.

The platform has and continues to financially enable millions of people around the world through digital currencies. It’s never too late to start—join the growing Bitcoin community today and be a part of the global people-powered market.

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