Crypto Insider: $2.33 Billion in Bitcoin (BTC) Moving Every Day – Plus XRP, Ripple, Ethereum Updates
From billions of dollars in Bitcoin on the move to a provocative prototype for Cardano, here’s a look at some of the stories breaking in the world of crypto.
The amount of BTC on the move every day is now valued at $2.33 billion, according to a new report on the state of Bitcoin.
Although that number has jumped significantly in 2019, the crypto data aggregator Coin Metrics says it is short of the all-time high reached at the height of Bitcoin’s parabolic bull run in late 2017.
The number is an attempt to measure Bitcoin’s gross domestic product (GDP). But Coin Metrics highlights the difficulty in trying to compare Bitcoin transfers to the market value of goods and services moved in traditional economies.
“Although adjusted transfer value is likely directionally correlated with GDP, it likely overstates the true GDP figure perhaps by several orders of magnitude because of two reasons.
One, transactions involving the purchase of goods and services are likely a small fraction of total activity.
Two, of the transactions that involve the purchase of goods and services, this metric does not exclude the purchases of intermediate goods (i.e. a product used to create a final product), which are explicitly excluded from the GDP calculation.”
The report also finds that at Bitcoin’s current price of about $9,235, Bitcoin miners currently have to sell more than $6 billion of BTC a year to break even.
Ripple and XRP
Ripple has revealed a look at some potential upgrades to RippleNet Home.
The future vision of RippleNet Home will give financial institutions on the network a hub they can use to analyze data on their fiat and XRP transactions as well as connect with one another.
According to Ripple, the video is intended to be aspirational and highlight what RippleNet Home could look like in three to four years.
The Ethereum-based development studio ConsenSys has released a 2019 overview on the Ethereum network.
According to the report, 89 countries are now running Ethereum nodes while 2,652 decentralized apps (DApps) are based on Ethereum and 200,360 developers are building on the network.
You can check out the full report here.