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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $10,582.29, which means that since yesterday, it is down about 6.68%. This marks the 2nd day in a row that Bitcoin has been down, but the coin is trending unclear. As price is currently close below its 20 day average price of $10,780.22, we may interpret that to mean climbing above the 20 day moving average may help foster bullish momentum. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $9,501.76 USD and an upper boundary at $12,058.67 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $189.74 billion US dollars, which is about 67.16% of the market capitalization of all cryptocurrencies. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slightly, as it has reported an average daily gain of 0.4% the past two weeks. A gain in dominance may suggest the case for altcoins is getting weaker, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Update on Transactions and Hash Rate

370,747 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain declined by approximately 3.65% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a store of value. Yesterday, Bitcoin’s average fee per transaction came in at $1.94. The average transaction fee has been increasing at a rate of about 45.43% per week, but the average amount of money sent in transactions, in US dollars, is up 10.31% 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 rising daily by approximately 0.53%. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more computationally difficult; this could result in the chain’s security becoming harder to break. This may help Bitcoin earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

2.54% of the 556.27 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been moving by about 11,807.8 per day. 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

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