Bitcoin: What’s the Latest Regarding its Price?
Bitcoin’s price at the moment is clocking in at $8,485.63, which means that since yesterday, it is down about 0.35%. This is the 7th consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. It is currently 5.74% below its 20 day moving average of $9,002.334, which is somewhat close; 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 $8,392.51 USD and an upper boundary at $9,612.16 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $147.37 billion US dollars, which is about 66% of the market capitalization of all cryptocurrencies. 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 -0.14% the past two weeks. A decline in dominance may suggest the case for altcoins is getting stronger, and thus multiple cryptocurrencies may end up succeeding.
Daily Engagement and Hash Rate Metrics Update
Yesterday, the Bitcoin blockchain saw 304,671 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have fallen by about 3.07%, 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 money to protect against political turmoil if it does not 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 $0.77 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 31.51% in US dollars; meanwhile, the fee for sending transactions has been falling by 23.07% per 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 -0.17%. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret, 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 earn greater trust from developers and investors alike.
Article by SixJupiter