This Week In Cryptocurrency – Friday, Nov. 2

Happy Birthday, Bitcoin! You Big 10 Year Old Baby! 

Big week for the world’s most loved cryptocurrency as it turned ten years old on Wednesday (based on the publication date of the white paper). It’s amazing to look back and realize just how far Bitcoin has come in the past decade. Growing from a simple, unknown concept to being hailed as everything from a scam to the most influential invention ever, it’s clear that it has already made a significant mark on the world. Here’s to you, Bitcoin, and here’s to (at least) ten years more.

Unfortunately, the crypto market doesn’t feel the same way. The market fell victim to the classical inverted Bart chart pattern this week, but the rally towards the end wasn’t enough to leave us in the black. Over the week, the entire market cap fell from $208.7B to $206.0B, leaving us with a 1.29% loss.

Cryptocurrency Market Stats (11/2/18)

Our top three coins continue to show lackluster movement as well:

Bitcoin, the birthday boy, dropped 2.11% to just under $6,340.

Ethereum fell 1.94% and now sits at right below $200.

XRP bucked the falling trend with a 0.36% rise in price to around $0.46.

Domestic Cryptocurrency News

Crypto Millionaire Plans Blockchain Utopia: Earlier this week, the New York Times published on Jeffrey Burns, owner of Blockchains LLC, and his plans to create a blockchain utopia in the Nevada desert. Earlier this year, Burns bought an enormous plot of land in the area for $170 million – in cash. He plans to build a “distributed collaborative entity” on the land in which the decision making and profits are distributed among the employees, residents, and investors. His aim is to take the value of decentralization that exists in Bitcoin and other cryptocurrencies and apply it to an entire community. That’s a bold strategy, Cotton. Let’s see if it pays off.