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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $7,193.36, which means that since yesterday, it is down about 1.64%. This is the 5th consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is unclear. Since it is somewhat close below relative to its 20 day average price of $7,659.325, 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 $6,916.79 USD and an upper boundary at $8,401.86 USD. Its market capitalization currently is estimated to be around $132.18 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.86%. Bitcoin’s dominance has been trending up gradually, averaging a rise of 0.07% each day over the past two weeks. A rise in dominance may suggest the case for altcoins is getting weaker, and so Bitcoin may end up being “the one currency” to rule them all.

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Daily Engagement and Hash Rate Metrics Update

337,284 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have jumped by about 1.64%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Ultimately, if the currency does regularly succeed in growing transactions on its chain, its primary utility may be as a money for buying certain goods/services. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.64 US dollars. Transaction fees have been declining by approximately 13.2% per week, while the average transaction size is down 26.62% in US dollars. 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 0.05%. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear — which implies the trend in mining strength is now more uncertain in a way. This may not help Bitcoin attract more high value transactions.

Article by SixJupiter

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