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Albert Sung is the author of the Katchum Macro-Economic Blog, monitoring breaking economic news from a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at... More
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  • Ripple Almost Overtakes Bitcoin 0 comments
    Dec 28, 2013 12:17 PM

    Today, we have a good example of the importance of correlations. As I noted before in this post, the Bitcoin price is correlated to the amount of unique Bitcoin addresses.

    If we look at the Bitcoin addresses, it has hit a new low today, since the bursting of the Bitcoin bubble, which I covered here.

    Amount of Unique Bitcoin Addresses

    The Bitcoin price on the other hand has not made that new low yet as it would mean that Bitcoin should be going under $500/Bitcoin. But according to our correlation, this is bound to happen soon.

    Bitcoin Price

    Let's see if it happens.

    And by the way. If you think Bitcoin is the best cryptocurrency in the world, then look at Mr. Ripple. A currency I have never heard before and it almost overtook the Bitcoin market capitalization in begin December. All of the people saying that alternative cryptocurrencies don't hurt Bitcoin's price are completely wrong.

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