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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $7,267.92, which means that since yesterday, it is down about 2.06%. This marks the 3rd day in a row that Bitcoin has been down, but the coin is trending unclear. Since it is somewhat close below relative to its 20 day average price of $7,808.378, a climb up to the 20 day moving average may be needed before momentum buyers come in. 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 $6,884.53 USD and an upper boundary at $8,732.23 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $131.98 billion US dollars, which is about 66.4% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending up slowly, averaging a rise of 0.07% 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.

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Straight Off the Chain

314,730 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 0.46% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.61 US dollars. The average transaction fee has been declining at a rate of about 2.18% per week, but the average amount of money sent in transactions, in US dollars, is down 15.56% 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 declining daily by approximately -0.13%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being a point to bear in mind. From this perspective, this behavior may not provide Bitcoin with the ability to attract more high value transactions.

Article by SixJupiter

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