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Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $8,726.31 US dollars, down approximately 3.53% from the day prior. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a down trend, and is currently 2.93% below its 20 day moving average; staying above this level may be critical to sustain short-term 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 $8,614.2 USD and an upper boundary at $9,365.86 USD. The currency’s market cap is now at $158.33 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 65.72%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily decline of -0.17% the past two weeks. A decline in dominance may suggest the case for altcoins is getting stronger, and so a world with many viable competing coins may be what we are headed towards.

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Daily Engagement and Hash Rate Metrics Update

326,707 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 grown by about 4.44%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a currency for transactions if it does consistently increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.8 US dollars. The average transaction fee has been decreasing at a rate of about 6.11% per week, but the average amount of money sent in transactions, in US dollars, is up 2.31% week over 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 losing daily by a rate of approximately -0.21%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to interpret. As such, this might not enable Bitcoin to draw more capital to its chain.

Article by SixJupiter

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