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Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $9,421.54 US dollars, up approximately 2.17% from the day prior. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 8.82% above its 20 day moving average, and over the past two weeks, price has been in an an up trend. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $7,101.71 and $10,214.25. The currency’s market cap is now at $166.33 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 66.83%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead oscillating between between 65.36% and 68.13%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 310,979 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain dropped by approximately 3.32% this past week; to wit, the trend is clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a form of savings. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.44 US dollars. The average transaction fee has been rising at a rate of about 12.52% per week, but the average amount of money sent in transactions, in US dollars, is up 3.59% 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 losing daily by approximately -0.25%. 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 a point to bear in mind. As such, this might not enable Bitcoin to draw more capital to its chain.

Article by SixJupiter

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