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Bitcoin Price Update

Bitcoin is up about 2.03% from the previous day, putting its price at $7,339.19 US dollars at the time of this writing. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 3.38% below its 20 day moving average, and over the past two weeks, price has been in an an unclear trend. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $6,976.44 and $8,215.82 (in US dollars). The currency’s market cap is now at $133.23 billion US dollars, and it’s market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.75%. 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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Update on Transactions and Hash Rate

311,468 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain grown by approximately 2.42% 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. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.64 US dollars. The average transaction fee has been decreasing at a rate of about 13.2% per week, but the average amount of money sent in transactions, in US dollars, is down 22.32% 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 0.11%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way, and that the chain is thus being something to keep an eye on. 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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