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Cryptocurrency Market Cap Has Once Again Dropped Below $300 Billion

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98 of the top 100 cryptocurrencies have badly dropped within the 24 hours and once again we’re seeing a day in the red for the cryptocurrency markets. The price of Bitcoin headlined the retreat by seeing an 80-day low decline, and other top coins have also fared quite poorly. The cryptocurrency market cap has declined by more than $60 billion and is currently valued at $292 billion, which represents a single-day reduction in the price of all cryptocurrencies.

Bitcoin Price Falls Below $7000:

The decline has reduced the price of Bitcoin by almost 23% and has brought the most leading cryptocurrency to an 80-day low. The price of Bitcoin is currently trading at $6,307, with the market cap of $106 billion only.

Fintech platforms like Square’s Cash App and Robinhood Crypto will probably play an important role in the coming time. Robinhood’s cryptocurrency trading platform could literally see a speed in its recovery real soon. Plus, other financial institutions are also trying to ban their customers from using their credit cards to buy these cryptocurrencies.

Cryptocurrency Market Cap

Ethereum Price Drops Below $700:

Well, many investors believed that the downturn in the cryptocurrency market would provide an opportunity to Ethereum for finally becoming the largest cryptocurrency and surpassing the Bitcoin’s price. But it didn’t go so well in that case because the price of Ethereum also got largely tracked with the Bitcoin’s decline.

The price of Ethereum dropped below the $700 mark today and is currently trading at $618 with the market cap of $43 billion, which clearly shows a single-day decline of 27%.

 Drop in The Altcoin Markets:

Overall altcoins declined worse than the Bitcoin, which represents that diversifying into the altcoins won’t essentially provide the investors with a hedge against the declines in the major cryptocurrencies market. Both, the price of Bitcoin Cash and the price of Ripple has declined by more than 20%, which reduces the 3rd and 4th largest cryptocurrencies to the current values of $0.62 and $820, respectively.

Number 5th cryptocurrency in the ranking, Cardano, showed the worst performance as compared to any top 10 cryptocurrencies, as it has dropped by 23% and is currently valued at $0.28. Meanwhile, Litecoin and EOS have returned single-day declines of 24% and 27% respectively.

Stellar, which is ranked on number 8th has seen a decline of 25% today, which demonstrates the austerity of this downturn. NEO and NEM have finished out the top 10 with the declines of 34% and 24%, reducing their prices to $71 and $0.40.

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A History of Bitcoin Soft Forks and Hard Forks

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Brief History of Bitcoin

Bitcoin was the first cryptocurrency, which was launched in 2009 by a mysterious developer, with a name “Satoshi Nakamoto.” Since the creation of Bitcoin, it has inspired thousands of other cryptocurrencies (generally called altcoins) and has gained an enormous acceptance across the world.

bitcoin blockchain

Though some altcoins have copied some aspects from the original concept of Satoshi, other altcoins also made significant development on the Bitcoin model. However, in some cases, some altcoins are just a copy of bitcoin and have the similar underlying program – but at the same time, they are a bit different from the original Bitcoin. In such cases, the bitcoin blockchain should undergo a procedure which is called “forking.”

Forking

  • In forking process, Bitcoin blockchain divided itself into two distinct entities.
  • Through forking, numerous cryptos with a similar name to Bitcoin were generated, including; bitcoin gold and bitcoin cash.
  • It may be a bit difficult for a casual investor to differentiate amid these cryptos and to plan the dissimilar hard forks on a timeline.

What is Genesis Block?

  • After Bitcoin was created, the first block was referred to as “Genesis Block.” It was mined on the Bitcoin blockchain by Satoshi.
  • Satoshi made many changes to the Bitcoin network in this process and those changes have now become even more complex as the userbase of Bitcoin has fully-fledged.
  • Not one can regulate when and how Bitcoin should upgrade, and this makes the entire process of changing/updating the system a little bit more complex.
  • Even after the creation of Genesis Block, a number of hard forks still existed.
  • Hard fork included the upgrading of software executing bitcoin and its mining processes.
  • Once a software is upgraded by a user, that software version discards all other transaction from older software and generates a new branch of the bitcoin blockchain.
  • However, users who use the older software are still going to continue to process transactions, henceforth, there’d be a similar set of transactions going on across two different Blockchains.

Bitcoin XT

  • This is one of the most notable Bitcoin hard forks.
  • In 2014, Mike Hearn made the software for integrating some of the new features that he proposed.
  • At that time, Bitcoin allowed only 7 transactions-per-second.
  • Bitcoin XT was intended to allow 24 transactions-per-second.
  • Bitcoin XT primarily experienced a great success after its launch, with almost 1,000 nodes running its software (back in 2015).
  • However, just after few months, users lost interest in Bitcoin XT, making it ‘doomed to die.’
  • Even though Bitcoin XT is officially available today, but it has visibly tumbled out of the errand of crypto community.

Bitcoin Classic

  • After Bitcoin XT failed, few cryptocurrency community members demanded an increase in the block sizes.

To accomplish this goal, Bitcoin Classic was created in 2016.

  • Unlike Bitcoin XT, Bitcoin Classic intended to raise block size to only 2 megabytes.
  • Just like Bitcoin XT, Bitcoin Classic also saw initial interest with almost 2,000 nodes for few months in 2016.
  • Bitcoin Classic still exists today and has gained a strong support from some developers.

SegWit

  • In 2015, Bitcoin core developer, Peter Wuille introduced the idea of SegWit (Segregated Witness).
  • SegWit aims to reduce the size of all Bitcoin transactions, letting more transactions to come off at the same time.
  • However, SegWit was officially a soft fork and might have assisted in prompting hard forks after it was initially proposed.

Bitcoin Cash

  • Some community users and developers decided to introduce a hard fork in response to SegWit, as well as to evade the procedure-updates.
  • This, at the same time led to the creation of Bitcoin Cash.
  • Bitcoin Cash detached from the main blockchain in August 2017 – when Bitcoin transactions were excluded by Bitcoin Cash wallets.
  • Up till now, Bitcoin Cash is the most effective and successful hard fork of Bitcoin.
  • Bitcoin Cash is also the 4th largest cryptocurrency by market cap and allows blocks of 8 megabytes.

Bitcoin Gold

  • After the creation of Bitcoin Cash, Bitcoin Gold was created.
  • The creators of Bitcoin Gold intended to evoke the mining functionality with elementary GPU (Graphics Processing Units) since they experienced that mining became also particular – in terms of hardware necessities.
  • Post-mine is an exclusive feature of the Bitcoin Gold and a procedure through which the developers mined 100,000 coins.
  • In general, Bitcoin Gold follows the basic concepts of Bitcoin.
  • Also, it is different in terms of ‘proof-of-work algorithm.’

As Bitcoin has been forked quite a few times within few years, there is a possibility that Bitcoin would still continuously experience both soft forks and hard forks in the future.

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The 10 Most Bitcoin-Friendly Cities in The US You Should be Visiting Today

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The US is titled as the 22nd most Bitcoin-friendly country in the world.

So, if you ever plan on setting up an exchange or a business regarding bitcoin, the US might offer you the right market. However, many Americans would look at this rather disappointedly because they believe that they’re unable to keep up with the technology or business industry as compared to other nations.

Well, here are 10 of the most bitcoin-friendly cities in America.

business regarding bitcoinAt the top, we’ve got San Francisco, California

 

Seattle, Washington

 

Los Angeles, California

 

New York, New York

 

San Diego, California

 

Austin, Texas

 

Boston, Massachusetts

 

Chicago, Illinois

 

Phoenix, Arizona

 

And last but not the least, Washington DC.

 

So will you be paying any of these places a visit? Let us know in the comments section below.

 

Tags: Bitcoin info, which country uses bitcoin, bitcoin accepted countries

Story Credits: steemit.com

Image Credits: steemit.com

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