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Bitcoin halving 2020

Bitcoin Drops 10.7% After Hitting Highest Point in Almost Three Years

The world’s most widely used cryptocurrency previously topped the $19,000 mark, nearly reaching its record-high prices from 2017. Meanwhile, Bitcoin’s market value has been estimated at $355.9 billion, surpassing previous records.

Bitcoin dropped to $16,933 on Thursday, losing almost one-tenth of its price, ultimately causing a downward trend for cryptocurrencies. Ripple’s XRP dropped 20.26% to $0.51 and Ethereum fell 13.16% to $500.8 after both also showed high results last week.

Bitcoin is just a decentralized online currency that’s not at the mercy of a central bank. It’s a built-in value because of a synthetic scarcity through its accumulation process called “mining “.

It has changed into a normal type of payment by many corporations, including AT&T, Overstock.com, Microsoft, and Twitch. In October, Bitcoin increased its price after PayPal announced that users would manage to buy, hold, and sell the cryptocurrency on the platform.

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Bitcoin dominance currently sits at 61%. On January 13, 2018, Bitcoin dominance hit an all time low of 35% What is bitcoin dominance? Bitcoin dominance is bitcoin’s marketcap dividend by the marketcaps of all cryptocurrencies combined. It shows how much value bitcoin has versus the all cryptos combined. This is important because it shows the relative strength of altcoins over time. For most of bitcoin’s lifetime (pre-2017), dominance sat at over 98%. Bitcoin was the entire market. But since the first ...