Bitcoin: What’s the Latest Regarding its Price?
Bitcoin’s price at the moment is clocking in at $11,339.36, which means that since yesterday, it is down about 0.42%. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 5.21% above its 20 day moving average, and over the past two weeks, price has been in an an up trend. Given that its distance from its 20 day moving average of $10,777.68 is somewhat close, it may mean that a fall down to the 20 day moving average may draw dip buyers in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,270.27 and $12,285.09. Its market capitalization currently is estimated to be around $202.71 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.46%. Bitcoin’s dominance has been trending up gradually, averaging a rise of 0.51% each day over the past two weeks. A rise in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and so Bitcoin may end up being “the one currency” to rule them all.
Straight Off the Chain
Yesterday, the Bitcoin blockchain saw 297,446 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 2.11% over the past week. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.26 US dollars. The average transaction fee has been increasing at a rate of about 45.36% per week, but the average amount of money sent in transactions, in US dollars, is up 20.48% week over week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately gaining daily by approximately 0.59%. A trend in hash rate that is upwards suggests that mining is becoming more competitive, and that the chain is thus improving. As such, this might enable Bitcoin to draw more capital to its chain.
How Active are Bitcoin’s Richest Wallets?
2.52% of the 555.9 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in a downtrend, dropping about 14,915.43 per day over the past two weeks. In terms of ownership concentration, approximately 90.61% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.
Article by SixJupiter