BitDigest - Bitcoin Weekly Digest - March 18, 2013

 

KEY OBSERVATIONS

  • Bitcoin price remained in a steady upward trend despite of the major glitch in the Bitcoin network that caused prices to fall 23% on Monday March 11. As a testament to the underlying support in Bitcoins, the price rallied back quickly and returned to $45 the following day and has held steadily at $47 since.
  • This was the largest glitch seen in the bitcoin network since its launch. Starting from block 225430, the blockchain literally split into two, with one half of the network adding blocks to one version of the chain and the other half adding to the other. Media attention on Bitcoin remained very much positive with several journalists praising the Bitcoin development team on their rapid response. The split lasted for 24 blocks or 6 hours, finally resolving itself when one version of the chain pulled ahead of the other at block 225454 leaving the other chain largely abandoned.  Despite the volatility, the Bitcoin ecosystem looks more promising than ever as values continue to rise.
  • We have consistently highlighted the pace of development and adoption among merchants and the NGO sector, but the Bitcoin ecosystem has advanced on so many fronts. A shift towards higher quality businesses and services is also taking place. Significant investments by venture capital in Bitcoin startups started to emerge last year like, Bitpay.com and Coinbase.com. This has allowed them to build infrastructure to compete with the likes of PayPal and partner with regulated banks. Furthermore, incidents of security breaches have declined and have become more complicated.
  • Interestingly, according to Google trends, the web search popularity for “Bitcoin” has surpassed “US Dollar” in March 2013. The increase is most prominent between January to March 2013. Bitcoins also appeared on Bloomberg this week.
  • Data Focus: This week we analyze Bitcoin’s currency market share. Despite all the new markets in the last 6 months, the shared traded in USD remains constant at 73%. While still small, the Chinese Yuan’s market share increased 2.5% in 6 months to become the 3rd largest currency pair. Euro has gained at the expense of the GBP and SLL markets. 
 
 

MARKET PRICE (Drag & Release to View Larger Image)

10 DAY PRICE: Mar 08, 2013 - Mar 18, 2013
This heatmap displays brighter colored (hotter) areas where trading volume is higher.
60 DAY PRICE: Jan 18, 2013 - Mar 18, 2013
Source: https://ferroh.com
* Click and Drag to View Larger Image

BITDATA NEWS & ANALYTICS

BITDATA FOCUS (Drag & Release to View Larger Image)

Trading Currency Market Share (6 Months Ago)
Trading Currency Market Share (Now)

BITCOIN COMMUNITY

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BITCOIN BASICS

Bitcoin is a decentralized digital currency created by the pseudonymous entity Satoshi Nakamoto in 2009. Bitcoin uses peer-to-peer technology to regulate Bitcoin’s balances, transactions and issuance according to consensus in network software. Bitcoins are issued to various nodes that verify transactions through computing power. It is established that there will be a limited and scheduled release of no more than 21 million Bitcoins, which will be fully issued by the year 2140. Bitcoin is currently the most widely used alternative currency with a total market cap at over 140 million USD (12/20/2012).

Read More: Bitcoin Basics  |  Bitcoin Forum  |  Financial & Technical Data  |  Bitcoin Wiki

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