Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day.
Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Marcus Aurelius used to say: Prepare to open the imaginary money chest…
Bitcoin Price
We closed the day, November 03 2019, at a price of $9,235. That’s a minor 0.95 percent decline in 24 hours, or -$89.44. It was the lowest closing price in two days.
We’re still 54 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).
Bitcoin market cap
Bitcoin’s market cap ended the day at $166,495,319,475. It now commands 68 percent of the total crypto market.
Bitcoin volume
Yesterday’s volume of $21,132,220,847 was the lowest in nine days, 33 percent above the year’s average, and 53 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 435 tons of gold.
Bitcoin transactions
A total of 294,229 transactions were conducted yesterday, which is 11 percent below the year’s average and 34 percent below the year’s high.
Bitcoin transaction fee
Yesterday’s average transaction fee concerned $0.39. That’s $3.32 below the year’s high of $3.71.
Bitcoin distribution by address
As of now, there are 13,182 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.
Furthermore, the top 10 Bitcoin addresses house 5.4 percent of the total supply, the top 100 14.4 percent, and the top 1000 34.5 percent.
Company with a market cap closest to Bitcoin
With a market capitalization of $167 Billion, China Mobile has a market capitalization most similar to that of Bitcoin at the moment.
Bitcoin’s path towards $1 million
On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.
He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 92.8 percent behind being on track. Bitcoin‘s price should have been $129,042 by now, according to dickline.info.
Bitcoin Energy Consumption
Bitcoin used an estimated 200 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 73 terawatt hour. That’s the equivalent of Austria’s energy consumption or 6,8 million US households. Bitcoin’s energy consumption now represents 0.3% of the whole world’s electricity use.
Bitcoin on Twitter
Yesterday 14,022 fresh tweets about Bitcoin were sent out into the world. That’s 24.4 percent below the year’s average. The maximum amount of tweets per day this year about Bitcoin was 41,687.
Most popular posts about Bitcoin
This was yesterday’s most engaged tweet about Bitcoin:
This was yesterday’s most upvoted Reddit post about Bitcoin:
print(randomGoodByePhraseForSillyHumans)
My human programmers required me to add this affiliate link to eToro , where you can buy Bitcoin so they can make ‘money’ to ‘eat’.
Chipmaker Qualcomm invests $97 million in Jio Platforms
US chipmaker Qualcomm announced today that it’s investing $97 million (₹730 crores) in Jio Platforms in exchange for a 0.15% stake in the company through its venture arm.
Qualcomm is the second chipmaker to pump money in Jio Platforms after Intel invested $253 million to pick up a 0.39% share. The US-based chipmaker is a key player in 5G development, especially when it comes to mobile phones. The investment can help both companies test 5G in India.
Mukesh Ambani, Reliance’s Chairman, said Qualcomm offers insights that will help us deliver our 5G vision:
In the past few months, Jio has raised a total of $15.73 billion from 13 investors including some prestigious names such as Facebook, Silver Lake Partners, and General Atlantic. In exchange, the Indian company has given up 25.24% stake of the firm. Reliance Jio has already raised more capital in 2020 than all of India‘s startups combined in 2019.
XRP Q4 2019: Crypto traders had one shot to make 20% profit
Ripple (XRP) is still arguably the most polarizing digital asset in the cryptocurrency space.
Powered by a network of less than 100 validators , Ripple Labs pitches XRP as a liquidity tool for the traditional finance sector. Its supporters fervently believe adoption is coming , while critics have long claimed that regulators may one day classify XRP as a security.
[READ: XRP bag holders are begging Ripple to stop dumping its coins ]
Still, quarter after quarter, Ripple Labs sells millions of dollars worth of XRP to investors. This quarter saw the firm earn $13.08 million by selling XRP, down from $66.24 million in the previous three months.
XRP/USD 2019 Q3 performance recap
Ripple, like Bitcoin, declined in value for most of 2019’s third quarter. XRP opened July trade at just above $0.41, but would fall more than 40 percent to hit $0.24 by the end of September.
Swing traders were practically without luck. Aside from a handful of ineffectual bounces, the price of XRP was more often than not in the red.
Even the most obvious bounce, which occurred mid-September, didn’t leave speculators with loads of opportunity. That event only pushed XRP‘s price up roughly 16 percent, with any momentum generated unfortunately short-lived.
XRP/USD 2019 Q4 review
2019’s fourth quarter gave traders a little more room to breathe, with market performance generally split in half.
From October 1, XRP‘s price gradually rose from $0.257 to just reach $0.30 on November 6. This would however mark its high for the quarter, with XRP retracing more than 35 percent to end the year’s trade at $0.194.
Those who opened longs at the start of October would’ve done well to get out before mid-November. In fact, market bounces were incredibly shallow for the rest of the year, which rendered swing trading relatively ineffectual.
At most, traders who bought XRP at the very start of the quarter could’ve made around 20 percent had they bought XRP at the very start of the quarter and sold the $0.30 top.
Biggest news for XRP in Q4 2019
Last quarter saw Ripple Labs (the company behind XRP) complete its acquisition of a $50 million stake in MoneyGram, a US-based money transfer firm, one of the largest in the world.
This means Ripple now owns a little less than 10 percent of MoneyGram’s outstanding common stock.
Looking ahead
Ripple’s year-to-date market performance has been pretty strong. Backed by a resilient Bitcoin, the price of XRP is up almost 24 percent this year, rising gradually from $0.19 to $0.235 at pixel time.
It’s unlikely that these gains would continue without Bitcoin also moving upwards, so speculators would be wise to keep an eye out on sudden short-term downtrends in more dominant markets.
On the horizon, Ripple Labs CEO Brad Garlinghouse teased the company‘s IPO plans, noting that he didn’t want to be the first or the last cryptocurrency company to go public.
