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October 09, 2015, 12:11:56 AM Last edit: October 09, 2015, 02:24:44 AM by ROT13 |
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As of right now approx every 10 mins a new block is mined and 25 new bitcoins enter the economy. That means at the current price its market cap grows by around $6000 every 10 minutes, $36,000 every hour, $864,000 everyday.
Taking the date Jan 9 2013 as a comparison we had the same rate of growth with a price of $13.77. This meant growth of around $344 every 10 minutes, $2065 every hour, $49,572 every day
Everyone of these that is sold by miners at the current market rate to pay their bills needs a buyer. When there are not enough the price is likely to drop, and when there are large numbers the price is likely to rise. Even half of $864,000 entering the market every single day means allot of additional demand is required to soak up the inflation to maintain the current valuation in fiat.
The behavior of the bitcoin/fiat market is of course anyone's guess but when you look at these numbers it's not hard to see how there is a high possibility for the price to remain in this zone or lower for some years to come, barring some event that encourages a significant upturn in the rate of adoption.
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