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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is down about 2.51% from the previous day, putting its price at $7,350.62 US dollars at the time of this writing. This is now the 2nd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is unclear. It is currently 0.65% below its 20 day moving average of $7,399.012, which is close; 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 $6,932.9 USD and an upper boundary at $7,865.13 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $132.46 billion US dollars, which is about 66.7% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending up slightly, averaging a upward move of 0.05% each day over the past two weeks. A upward move in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Daily Engagement and Hash Rate Metrics Update

313,629 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain risen by approximately 2.44% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does regularly succeed in growing transactions on its chain, its primary utility may be as a currency for transactions. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.52 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 1.12% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 26.33% per week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been growing daily by a rate of approximately 0.01%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to interpret; this could result in the chain’s security being something to pay attention to. From this perspective, this behavior may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

Article by SixJupiter

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