BITCOIN

$59,194.50

28^th Oct 2021

ABOUT

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”  It works on Proof of Work Consensus.

 

FINANCIAL METRICS

 

Market Capitalization:

Volume:  $44,045,197,624

Volume/Market cap: 0.03954

Circulating Market Capital:    $1,115,825,511,989

Fully Diluted Market Capital:    $1,242,321,861,333

 

Coin Supply:

Circulating Supply: 18,885,731  (90% of max supply)

Total Supply: 18,885,731

Maximum Supply:  21,00,000

 

Block Structure:

Block Rewards: 6.25 BTC per block

Mining Cost: $10,000   (approx.)

Blocks mined per day: 144

Total BTC mined per day: 900BTC

 

Supply Emission:

Daily Supply pressure: 900BTC

Daily Supply pressure: $53,74,600

Daily Supply Emission: (Daily Sell Pressure/ Total Circulating Market Cap)*100

Daily Supply Emission: 0.0047%

Yearly Supply Emission: 1.81%

This means $53,74,600 worth of market capitalization is added by the miners daily. To maintain price stability, at least this much amount of coins must be bought daily.

Holders & Richlists:

Total Addresses: 38,387,021

Active Address: 963,623 (24h)

Top 10 holders: 5.32%

Top 20 holders: 7.24%

Top 50 holders: 10.45%

Top 100 holders: 13.17%

Address with Balance >$10m :  10,254

Address with Balance >$1m :  105,310

Address with Balance >$100k : 501,296

Address with Balance >$10k :  2,388,433

Address with Balance >$1k :  7,123,349

Address with Balance >$100 : 16,402,292

Address with Balance >$1 : 33,924,958

ON-CHAIN METRICS

Transactions:

Transactions Count (24h): 855,129

Transactions per second (24h): 3

Transactions Volume 24h: $53.2B

Transactions Volume Adjusted 24h: $22.9B

Transactions Volume 24h, BTC: 884,485

Transactions Volume Adjusted 24h, BTC: 379,145.92

Total Revenue of Miners (24h): $34.4B

Total Revenue of Miners (24h): 951BTC

Miner Revenue from fees: 1.45%

Fees (24h): $0.83m

Fees (24h): 13.75 BTC

Average Fees (24h): $2.81

Average Fees (24h): 0.000011BTC

 

Hash Rate:

Hash Rate: 150 mh/s

Hash Difficulty: 20,082,460,130,831

 

Ratios

Network Value to Transactions Ratio: 20

Mayer Multiple Ratio: 1.229

Price to Mining Cost Breakdown Ratio: 5.36

Transactions Amount to Active Addresses: 552.08

Price to Metcalfe’s Ratio: 1,157,948

 

PROJECT METRICS

 

Whitepaper:

https://bitcoin.org/bitcoin.pdf

The whitepaper is very clear and explains and everything very precisely. The concept of halving increases the value of the coin over time.

Roadmap:

The roadmap doesn’t contain a lot of details, only the halving process is mentioned.

Team:

The identity is not revealed to the founders. Only the name, Satoshi Nakamoto is exposed.

Competitors:

Litecoin

Monero

IOTA

Transparent Systems

Exchanges:

The coin is listed in almost every exchange, whether it is too small or too big.

Website :

https://bitcoin.org/en/

The website looks good and contains every detail required for research and for understanding the coin.

Community:

Social Volume: 23,309

Social Engagement: 116,698,397

Social Dominance: 41.76%

Social Contributors: 12,613

Telegram: 89k

Reddit: 3.5m

Twitter: 3.7m

 

 

Writer’s Opinion

 

POSITIVES:

·       Very large market capital, a large percentage of market share is captured.

·       Circulating supply is quite large as compared to Maximum Supply.

·       Daily Supply Emission below 2% is really good and BTC is just having only 0.005%. This indicates it can be a good investment for the long term due to its scarcity.

·       The holdings are not accumulated with few holders and are distributed among a large number of investors, thus, less chance of pump & dump scheme.

·       Rank#1, it has set standards for crypto assets and will be among the first to be adopted in the countries for the real use cases.

·       Network value to transactions ratio is pretty strong and stands in between bullish and bearish.

·       Mayer Multiple Ratio also indicates a strong background of Bitcoin and also stands neutral.

·       Transaction amount to active addresses ratios is very high which signifies the quality of the network.

·       A very strong community support for Bitcoin on every platform.

·       Every new investor who does not have much knowledge around crypto assets but wants to invest in cryptocurrencies will end up adding this to their portfolio.

 

NEGATIVES:

• ·       Due to large market capitalization, there is less scope for growth
• ·       Price to mining cost ratio is very high which indicates the coin is highly overvalued.
• ·       Price to Metcalfe ratio is extremely, proving the coin is highly overvalued.
• ·       The coin is highly overvalued due to its first-mover advantage.

 

CONCLUSION:

“ The coin holds a lot of value in it, due to its first-mover advantage, it is dominating market share and by a huge difference, every other crypto is first compared to it as it has set some amazing standards. This can be a good option for investment for a long time, though it may provide lower returns as compared to other cryptos, it is definitely the safest option among crypto assets.”