Bitcoin price stay below $14,000 on Friday, despite the marginal uptick in prices on Friday. On BitStamp, bitcoin trades at $13,545 at 1.55 pm. Broadly, the declining streak of cryptocurrency has been for six days. From a high of $17,500 on January 6, bitcoin has slipped to $13,400 on Thursday in a span of less than a week, the average price of bitcoin in the exchanges worldwide shows. On a day when the bitcoin rises, the ethereum's price edges down by over1% while ripple, the third most popular cryptocurrency, soars 21%.
Five Things To Know About Bitcoin Prices Today
1. During the ongoing declining phase of bitcoins, the market capitalization has declined from $251 billion (Thursday's closing figure) to $232 billion.
2. On December 17, bitcoin's price had closed at $18,974, lifting the market cap to $326 billion. On December 20, the market cap fell below $300 billion and has been below the threshold since then.
Bitcoin Price
3. The year 2018 had opened with bitcoin touching above $14,000 but the day had closed at $13,650.
4. In the first week of January, on January 6 to be precise, the bitcoin price had hovered around $16,000 to $17,000, taking the market cap closer to $293 billion from $259 billion a day before, posting a gain of 13% in one day.
5. The price of ethereum at $1,200 is way below the bitcoin's price but its market cap is racing towards that of bitcoin. This is primarily because of higher volume and large number of circulating ethereum coins against the bitcoins. Against the 16.78 million bitcoins being circulated, there are over 96 million ethereum coins today.
Mr Orcutt said that Ripple's rise, "was fueled, at least in part, by a belief that anyone buying up XRP was getting in on the next Bitcoin. But for some it could end up as a very expensive lesson that what they bought into is a different animal altogether."
He adds that XRP was never meant to be another Bitcoin.Bitcoin Price
According to MIT, Ripple’s big bet is that XRP will become a “bridge currency” that many financial institutions use to settle cross-border payments faster and more cheaply than they do now using global payment networks, which can be slow and involve multiple middlemen.
"Bitcoin could be used to do this too, but Ripple can settle 1,000 transactions per second, compared with Bitcoin’s seven, and its transaction fees are much lower. The idea is that this will in turn will make the currency more valuable.
"Here’s the catch, though: Ripple’s blockchain-based payment network doesn’t need a bridge currency to work, and nearly everyone using the network has so far chosen to exchange digital IOUs instead. They settle the transactions later, using fiat currency."
Bitcoin's price is down at $13,361 (£10,063) having recovered slightly from an overnight fall to $12,879.
Bitcoin Price
As thoughts turn to bitcoin's usability as a mainstream currency Morgan Stanley is reporting that electricity consumption for bitcoin this year could be as great as, or even exceed, that used by global electric vehicles in 2025 and the entire country of Argentina.
Analysts at Morgan Stanley said: “Bitcoin power demand in 2018 (c.120-140TWh equating to 0.6% of world consumption, or consumption of Argentina) will, in our view, be bigger than our projected global EV demand in 2025 (c.125TWh), but is still small on an absolute basis and will not likely have a material impact on utility stocks any time soon.”
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