Monday, October 25, 2021
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Bitcoin Price Stabilized at 8000, Is Bitcoin the Ultimate Future?

At the time of reporting, Bitcoin is being traded on most of the exchanges around 8,000$. The last 24 hours…


Bitcoin Price to  be stabilized at 8000$ level, Most of the investors are now looking for trend to change.
Bitcoin Price to be stabilized at 8000$ level, Most of the investors are now looking for a trend to change.

At the time of reporting, Bitcoin is being traded on most of the exchanges around 8,000$. The last 24 hours bitcoin price has been moving upside down, from the lowest of 7,935.44$ to the highest of 8,326.56.

Bitcoin price chart taken for the day Sep 28th, 2019 to Sep 29th, 2019 statistics by CoinMarketCap
Bitcoin price chart is taken for the day Sep 28th, 2019 to Sep 29th, 2019 statistics by CoinMarketCap

Bitcoin Price Analysis

As of December 17, 2017, Bitcoin hit the highest price of all times, trade was closed at 20,089$ per Bitcoin. Since then, bitcoin has been in decline and took it’s the lowest turn-on 3000+ USD. However, during the last 6 months, the Bitcoin community has seen stability in the price of Bitcoin.

However last week bitcoin had another big hit in which price sponged nearly 1500 USD in a day. Right after the decline in the Bitcoin price, a lot of perdition came with few saying that bitcoin is going to continue the decline in the price just as it had in 2017 and will reach as low as 1000$.

However, on the other hand, Crypto enthusiasts and traders feel that the price decline was a circumstance of the new exchange opening and it was predicted earlier. For 2019, we have seen much more exciting news in terms of Bitcoin pricing going up. One of the predictions which are most commonly seen these days is that Bitcoin has made the correction that was needed and it’s time for it to go all-time high before 2019 ends.

Bitcoin Market Cap Analysis

Bitcoin stays as a dominant Crypto out of 2904 Cryptocurrencies listed on CoinMarketCap. Bitcoin dominates 67.8% of the crypto market at the time of reporting. Bitcoin market cap as of the time of reporting is $144,888,729,836.

Bitcoin Transactions & Fee Analysis

Bitcoin Total transactions made today Stats via Blockchain.com

As you can see the total number of Bitcoin transactions that were done today at the time of this report was 459,412,042. It’s almost 28% lower than the years the highest number of transactions. Considering the current transactions and the 24 hours volume of transactions of Bitcoin the average number of transactions per hour is 11,715.

In these 24 hour transactions, the total number of Bitcoin amount transferred is 582,700 BTC which according to the current Bitcoin value equals $4,676,640,029. The average transaction value is around 2.07 BTC which roughly equals the $16,633.

Million Dollar Bitcoin Prediction

John McAfee made a bet on July 17th, 2017: One single Bitcoin would be worth $ 500,000.00 in three years. The closing price according to CoinDesk was $ 2,244.27 that day.

" if not, I will eat my dick on national television." You can follow the live statistics of John's prediction at dickline
” if not, I will eat my dick on national television.” You can follow the live statistics of John’s prediction at dickline

He later revised his bet and predicted $ 1 million by the end of 2020.

" When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong."  You can follow the live statistics of John's prediction at dickline
” When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong.” You can follow the live statistics of John’s prediction at dickline

Is that really possible? Bitcoin needs to grow at a rate of 0.484095526 % per day from 2017-07-17 to 2020-12-31 to get from $ 2,244.27 to $ 1,000,000.00. That is the red line on the above chart. As long as the blue line is above the red line, we are on target. Hover over the chart to get daily prices. Source: Decline

Bitcoin Network & Electricity Resource Consumption

Bitcoin Electricity Consumption per year is now 73.121 TWH/ year Source : Digiconomist
Bitcoin Electricity Consumption per year is now 73.121 TWh/ year Source: Digiconomist

As you can see above the Bitcoin Network requires an average of 73.121 TWh /year of Electricity for mining the Bitcoin transactions. However, this is considered the highest consumption as compared to the lowest recorded number which is 53.33 TWh/ year.

Bitcoin Hazards on Environment

Here are a few of the statistics we collected fro Digiconomist, Which clearly demonstrates how and what Bitcoin is capable of doing for the future of mankind and possible solutions to stop the effects.

Annualized global mining revenues$5,973,338,721
Annualized estimated global mining costs$3,656,073,069
Current cost percentage61.21%
Country closest to Bitcoin in terms of electricity consumptionAustria
Estimated electricity used over the previous day (KWh)200,332,771
Implied Watts per GH/s0.084
Total Network Hashrate in PH/s (1,000,000 GH/s)99,465
Energy footprint per transaction (KWh)606
Number of U.S. households that could be powered by Bitcoin6,770,506
Number of U.S. households powered for 1 day by the electricity consumed for a single transaction20.49
Bitcoin’s electricity consumption as a percentage of the world’s electricity consumption0.33%
Annual carbon footprint (kt of CO2)34,733
Carbon footprint per transaction (kg of CO2)287.97

Bitcoin Popularity on Twitter

#Bitcoin at the time of publishing was tweeted 10,915 times worldwide, here are some of the top tweets from Twitter you might want to see.

“New chart: #bitcoin fractal dimension changes over time and seems to indicate phases like a bear, neutral, bull. Note how consistently blue turns to green, orange, red and vice versa. And yes we are at the start of an orange/red phase (although it might not feel like it right now)”

” This week in #Bitcoin: – Venezuelan government reveals bitcoin reserve. – Ukraine’s government plans to legalize bitcoin. (In 2017, Ukrainian top MPs declared holdings of >10,000 BTC) – Belarus president discusses using the country’s excess nuclear power to mine bitcoin. “

Currently Trending on Reddit

“Google has created a 50 qbit computer and executed an algorithm in minutes where it would have ran for 20,000 years using a normal computer. Cryptography will soon (in maybe 10 years) be impacted by quantum computing. What kind of algorithm would you use to face that tremendous computational power?

I think in the relatively near future, Google will be able to solve any mathematical problem used in crypto in a matter of minutes.

Bitcoin’s mining system is based on a mathematical problem solvable in exponential time, which is comparable to a simple linear-time algorithm for a qComputer iirc.

How would you avoid Google’s supremacy over cryptocurrencies?

What kind of algorithm is solvable in exponential time for a quantum computer?”

Google has created a 50 qbit computer and executed an algorithm in minutes where it would have ran for 20,000 years using a normal computer. Cryptography will soon (in maybe 10 years) be impacted by quantum computing. What kind of algorithm would you use to face that tremendous computational power? from r/Bitcoin

Conclusion

Bitcoin may be the future of baking, and it may be the easiest and most reliable source of transacting money from person to person without interaction with 3rd party. However, with Bitcoin mining and massive waste products emerging with the mining of Bitcoin future doesn’t seem to that pleasant. For the betterment of the future Bitcoin must evolve and there should be other sources to mine bitcoin except for the ones we are using right now.

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