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Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $7,138.23, which means that since yesterday, it is up about 3%. 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 15.29% 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 $7,105.61 USD and an upper boundary at $9,747.12 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $129.25 billion US dollars, which is about 66.31% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending up slightly, averaging a upward move of 0.09% each day over the past two weeks. A upward move 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

279,470 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 declined by about 0.54%, 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 store of value 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 $0.8 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 20.41% in US dollars; meanwhile, the fee for sending transactions has been declining by 4.88% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, rising about 0.14% per day. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being something to pay attention to. This may not help Bitcoin attract more high value transactions.

Article by SixJupiter

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