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Bitcoin Price Update

Bitcoin is down about 3.02% from the previous day, putting its price at $9,996.91 US dollars at the time of this writing. This is now the 4th straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is unclear. Since it is somewhat close below relative to its 20 day average price of $10,802.57, a climb up to the 20 day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,485.05 and $12,120.08. Its market capitalization currently is estimated to be around $178.26 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.11%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slowly, as it has reported an average daily rise of 0.2% the past two weeks. A rise 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

355,644 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 3.69% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.51 US dollars. Transaction fees have been rising by approximately 17.59% per week, while the average transaction size is down 0.06% 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. Ultimately, the security of Bitcoin is improving, because the hash rate trend is upwards — which implies the trend in mining strength is now more competitive. As such, this might enable Bitcoin to attract more high value transactions.

How Active are Bitcoin’s Richest Wallets?

2.53% of the 557.04 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 oscillating by about 4,349.836 per day. The top 1% of Bitcoin wallets hold over 90.61% of the outstanding Bitcoin.

Article by SixJupiter

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