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Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $10,645.76, which means that since yesterday, it is down about 2.53%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a down trend, and is currently 3.27% below its 20 day moving average; staying above this level may be critical to sustain short-term momentum. It is now approximately 3.27% below its average price over the past 20 days of $11,005.17, which is close; climbing above the 20 day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,669.22 and $12,341.12. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $190.45 billion US dollars, which is about 68.58% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.16% and 69.3%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 330,473 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have risen by about 0.6%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does repeatedly grow transactions, it may need to derive its value as a money for buying certain goods/services. Yesterday, Bitcoin’s average fee per transaction came in at $1.09. The average transaction fee has been decreasing at a rate of about 10.12% per week, but the average amount of money sent in transactions, in US dollars, is up 2.95% week over week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around , ultimately growing daily by approximately 0.23%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being something to pay attention to. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

There are 558.35 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.49% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in a downtrend, dropping about 15,140.94 per day over the past two weeks. In terms of ownership concentration, approximately 90.5% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter


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