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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $11,385.06, which means that since yesterday, it is up about 1.3%. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 6.73% above its 20 day moving average, and over the past two weeks, price has been in an an uptrend. Given that its distance from its 20 day moving average of $10,667.25 is somewhat close, it may mean that a fall down to the 20 day moving average may draw dip buyers in. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $8,957.65 and $12,376.86 (in US dollars). Its market capitalization currently is estimated to be around $202.86 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.31%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up gradually, as it has reported an average daily upward move of 0.56% the past two weeks. A upward move in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Update on Transactions and Hash Rate

273,280 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have fallen by about 0.09%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a money to protect against political turmoil if it does not increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.51 US dollars. Transaction fees have been rising by approximately 35.84% per week, while the average transaction size is down 6.33% in US dollars. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30 day basis, rising about 0.61% per day. A trend in hash rate that is upwards suggests that mining is becoming more computationally difficult, and that the chain is thus improving. As such, this might enable Bitcoin to earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

There are 555.59 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.52% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in a downtrend, falling about 17,932.74 per day over the past two weeks. In terms of ownership concentration, approximately 90.63% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

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