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Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $9,405.79 US dollars, up approximately 0.88% from the day prior. This marks the 2nd day in a row that Bitcoin has been up, but the coin is trending unclear. As price is currently somewhat close above its 20 day average price of $8,774.644, we may interpret that to mean a fall down to the 20 day moving average may draw dip buyers in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $7,363.15 and $10,186.13. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $166.86 billion US dollars, which is about 66.42% of the market capitalization of all cryptocurrencies. As for the recent behavior, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 65.36% and 68.13%. 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.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 314,698 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 0.99%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does consistently grow transactions, it may need to derive its value as a currency for transactions. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.23 US dollars. The average transaction fee has been rising at a rate of about 6% per week, but the average amount of money sent in transactions, in US dollars, is up 26.08% week over week. It should be noted that the rise in fees could mean the currency is usable for a growing number of use cases, as growth in transaction sizes is substantially faster relative to growth in transaction fees. 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 declining daily by a rate of approximately -0.24%. 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 keep an eye on. As such, this might not enable Bitcoin to draw more capital to its chain.

Article by SixJupiter

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