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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $8,503.31, which means that since yesterday, it is up about 4.89%. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 11.63% above its 20 day moving average, and over the past two weeks, price has been in an an up 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 $6,723.68 and $8,510.82 (in US dollars). Its market capitalization currently is estimated to be around $156.72 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.32%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead oscillating between between 66.32% and 69.22%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

Technical analysis of Bitcoin for traders, plus the best of Bitcoin Twitter. Get it daily at CFDTrading.com.

Daily Engagement and Hash Rate Metrics Update

346,953 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is clear; to wit, that transactions have risen by about 5.74% over the past week. Bitcoin may end up functioning as a money for buying certain goods/services if it does regularly increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.48 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 9.02% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 3.97% per week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.42%. Ultimately, the security of Bitcoin is improving, because the hash rate trend is upwards — which implies the trend in mining strength is now more competitive. As such, this might enable Bitcoin to attract more high value transactions.

Article by SixJupiter

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