The world’s largest cryptocurrency has dominated the news coverage in the digital assets space, and that has been with good reason. Individual factors of Bitcoin has contributed to the growth of the cryptocurrency, along with renewed interest from institutional organizations.
Bitcoin’s prowess in the cryptocurrency space has been unquestionable because of the impact it had on several industries across the spectrum. The world’s largest cryptocurrency, which at the moment is going through a price crunch, has been the stalwart of the digital asset space, and proponents have come forward to support it.
In a recent tweet, Rhythmtrader, a famous crypto enthusiast, talked about Bitcoin’s various features and how it has changed over the decade. Since its inception in 2009, Bitcoin has had approximately 600,000 blocks mined with the next halving set to occur in May 2020.
A block records some or all of the most recent Bitcoin transactions that have not yet entered any prior blocks. The latest block on the Bitcoin blockchain was 608492 with a hash of 0000000000000000000fdcf6268b0ba843221f0a50421d81934fc36724a894c5.
The past couple of months has seen significant growth in the Bitcoin ecosystem, which has directly resulted in more than 480 million transactions. The number of transactions has been on a steady incline recently, and December 16 witnessed 327,085 of those occurring on a single day. The Bitcoin hash rate has also been lauded for being effective across the transactional area. Since the beginning, the Bitcoin ecosystem had produced ten hashes p/s with a total capital absorption of $130 billion in value.
This comes at a time when Bitcoin had fallen below the $7000 mark and was trading for $6937.17. The world’s largest cryptocurrency held a market cap of $125.61 billion, with a 24-hour market volume of $20.49 billion. This comes after a 2.29 percent fall over 24-hours. Many proponents of the space have claimed that approximately 10,000 nodes were secured throughout Bitcoin’s lifetime.
Many traders in the industry believe that the recent Bitcoin and Ethereum price fall was due to the fears emanating from a report about the alleged Plus Token Ponzi scheme. A new Chainalysis report talked about PlusToken scammers who stole almost $2 billion worth of cryptocurrencies. The report said:
“While we tracked $2 billion worth of various cryptocurrencies that victims sent to the PlusToken scammers, some of that money was paid out to early investors, presumably to maintain the illusion of high returns while PlusToken presented itself as a legitimate company.
The report further noted,
In many cases, it’s difficult to tell whether transfers made by the PlusToken scammers were going to those early investors or to addresses under their own control. Nonetheless, we’ve tracked roughly 800,000 ETH and 45,000 BTC we can definitively say the scammers transferred to their own addresses to launder.”
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