The entire cryptocurrency market is now worth less than McDonald’s-Computerfanfield

Chew on this: the entire cryptocurrency market now has a smaller market cap than fast food titan McDonald’s.

The total worth of the cryptocurrency market has fallen to $139.7 billion – a staggering 80-percent-plus downswing compared to a $819 billion market cap in January 2018.

By comparison, McDonald’s market cap currently stands at $140 billion.

A stark contrast between visions and reality

True, the comparison to McDonald’s is tongue-in-cheek – and admittedly not that insightful. But it does expose a stark contrast between hype and real-world use cases.

For all the grandeur visions of decentralization, transparency, and security in a fully tokenized economy, Bitcoin and Ethereum are arguably the only two cryptocurrencies with any legitimate mainstream appeal and adoption.

Although there are currently more than 2,050 indexed cryptocurrencies (though the real number is likely higher), Bitcoin accounts for more than half of the entire sector, boasting a market cap of more than $75 billion. By comparison, Ripple’s XRP is a runner-up with $16.5 billion, followed by Ethereum with $12.7 billion.

Ignoring XRP’s larger market cap share, Ethereum arguably has a tighter grip on the market. Estimates suggest there over a thousand tokens running on its network at present. But for a platform designed as a framework for decentralized apps, data indicates there are still less than 15,000 daily active users for all Ethereum apps combined.

By comparison, Uber has 75 million monthly active users a month, or roughly 2.5 million users each day. Instagram touted 500 million daily active users as of September 2017. Reports suggest 68 million people eat at McDonald’s every day.

The volatility situation is gradually improving , but the market is known to fluctuate wildly. Indeed, the cryptocurrency market could overtake McDonald’s market cap 10 minutes from now. That is absolutely possible.

But you know you can’t do in 10 minutes? Establish a global network capable of serving millions of customers each day – and that is something that no market cap comparison can reflect .

BitConnect officially delisted from the last cryptocurrency exchange that traded it

The final blow has been dealt to notorious BitConnect: it has finally been delisted from the last remaining cryptocurrency exchange that traded it.

As announced in August , exchange desk TradeSatoshi promised to delist BitConnect and its BCC token from its platform on September 10 – and the day has finally come.

Even though BCC was still available for trading on TradeSatoshi until September 10, CoinMarketCap data shows nobody had traded BitConnect in the past 24 hours. It is worth pointing out that CoinMarketCap has yet to indicate the fraudulent cryptocurrency has been officially delisted.

BitConnect has had a turbulent history, there’s too much to mention so read about it here , here , here , here , and here . We all know it was a scam, and it should now be considered officially dead.

For what it’s worth, BitConnect trading pairs continue to show up on certain dark, dingy, and clandestine corners of the internet. Hard Fork has been able to discover at least one (extremely suspicious) exchange desk offering BCC trading pairs. Out of caution for our readers, we’ve chosen not to link to the platform in question.

In any case, you probably don’t want to be trading cryptocurrency on any exchange that still supports a known scam like BitConnect.

Satoshi Nakaboto: ‘Bitcoin consolidates just above $9,000’

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 Descartes used to say: Do what you love and you’ll never work another day!

Bitcoin Price

We closed the day, October 31 2019, at a price of $9,199. That’s a minor 0.03 percent decline in 24 hours, or -$2.87. It was the lowest closing price in five 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 $165,804,227,835. It now commands 68 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $26,583,653,947 was the lowest in six days, 68 percent above the year’s average, and 41 percent below the year’s high.

Bitcoin transactions

A total of 290,619 transactions were conducted yesterday, which is 13 percent below the year’s average and 35 percent below the year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $0.51. That’s $3.20 below the year’s high of $3.71.

Bitcoin distribution by address

As of now, there are 13,113 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 $166 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 $127,186 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 20,869 fresh tweets about Bitcoin were sent out into the world. That’s 12.1 percent above the year’s average. The maximum amount of tweets per day this year about Bitcoin was 41,687.