Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
Bitcoin emerged in 2008 and two years later in 2010, a website declared it dead. Interestingly, Bitcoin continues to grow such that it is now incurring a bull run as it is moving towards $10k price level. However, the website that declared it dead at the time is no more.
The leading cryptocurrency has been proving its critics wrong based on its success over the last decade. Critics say many things about Bitcoin; some say it is a scam, Ponzi scheme, as well as rat poison. Contrariwise, Bitcoin is still doing well and getting stronger than ever before.
Its third halving is happening a few days from now. The Bitcoin Obituary page noted that Bitcoin has been declared dead 380 times since it came into existence in 2008.
The leading cryptocurrency is on its way to attaining mainstream adoption. On Dec. 15, 2010, the Underground Economist published an article entitled “Why Bitcoin can’t be a currency.” It is an irony that the Underground Economist is no more on the World Wide Web. The Wayback Machine archived the article. The CEO of CoinCorner, Danny Scott, wrote the following on Twitter:
Reminder: As #Bitcoin approaches $10,000 it's alive and kicking stronger than ever.
The first website to declare Bitcoin dead from 2010 no longer exists 🤷🏻♂️
Don't dismiss the honey badger pic.twitter.com/emXHKWYs1A
— Danny Scott ⚡ (@CoinCornerDanny) May 8, 2020
As at press time, the price of Bitcoin was at $9,707, representing about 10 percent upsurge within the past seven days. Besides, its market cap is more than 176 billion USD.
Its third halving event that will happen on May 12 will cut the supply of new coins mined by 50 percent. That is, the current reward of 12.5 BTC for each block mined would be reduced to 6.25 BTC. It’s not possible to create Bitcoin anyhow because only 21 million BTC exist.