Bitcoin has continued to soldier on past some severely difficult days over the past two weeks.
The difficulties of Mt Gox has continued to permeate the Bitcoin landscape and drive instability in the overall market pricing.
If you refer to the pricing charts below, Mt Gox is now closing in on $100/BTC while the other exchanges are hovering $500-700/BTC.
Bitcoin Network Capacity
The Bitcoin network capacity was 23.72PH/s last week and is now 25.29PH/s. The Bitcoin network is now 106% over the span of this week. This is showing a slowing trend for the network capacity due to the extreme level of overall calculation. Therefore, it will take substantial efforts to increase network capacity going forward.
Bitcoin Market Capitalization
The Bitcoin market capitalization is $7.0B this week. This denotes a drop of almost 50% market capitalization in the past two weeks.
Looking Forward
Online stores like TigerDirect.com and Overstock.com have shown that adopting Bitcoin has opened their customer base and introduced an untapped revenue source. Therefore, based on their success, it will take additional faith by traditional online and brick and mortar retailers to venture into the digital currency era that has begun with Bitcoin. However, once they do, Bitcoin will become as synonymous as PayPal, Visa and American Express as a method of payment for purchases.
The difficulties of Mt Gox has continued to permeate the Bitcoin landscape and drive instability in the overall market pricing.
If you refer to the pricing charts below, Mt Gox is now closing in on $100/BTC while the other exchanges are hovering $500-700/BTC.
Bitcoin Network Capacity
The Bitcoin network capacity was 23.72PH/s last week and is now 25.29PH/s. The Bitcoin network is now 106% over the span of this week. This is showing a slowing trend for the network capacity due to the extreme level of overall calculation. Therefore, it will take substantial efforts to increase network capacity going forward.
Bitcoin Market Capitalization
The Bitcoin market capitalization is $7.0B this week. This denotes a drop of almost 50% market capitalization in the past two weeks.
Looking Forward
Online stores like TigerDirect.com and Overstock.com have shown that adopting Bitcoin has opened their customer base and introduced an untapped revenue source. Therefore, based on their success, it will take additional faith by traditional online and brick and mortar retailers to venture into the digital currency era that has begun with Bitcoin. However, once they do, Bitcoin will become as synonymous as PayPal, Visa and American Express as a method of payment for purchases.
MT Gox - Weekly BTC pricing ($300-->$150)
Virtex - Weekly BTC pricing ($720-->$640)
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