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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $8,593.16, which means that since yesterday, it is up about 4.21%. This marks the 3rd day in a row that Bitcoin has been up, but the coin is trending unclear. It is currently 0.67% below its 20 day moving average of $8,651.302, which is close; climbing above the 20 day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $8,228.2 and $9,074.4. The currency’s market cap is now at $153.78 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 66.63%. 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 fall of -0.19% the past two weeks. A fall in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.

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Daily Engagement and Hash Rate Metrics Update

311,049 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain jumped by approximately 0.42% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does regularly grow transactions, it may need to derive its value as a currency for transactions. Yesterday, Bitcoin’s average fee per transaction came in at $0.81. Transaction fees have been declining by approximately 22.89% per week, while the average transaction size is down 13.57% in US dollars. The decline in Bitcoin’s transaction fee is welcome, but the decline in average transaction value may hinder the narrative of Bitcoin as a currency for large transactions. 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 gaining daily by a rate of approximately 0.12%. 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. This may not help Bitcoin earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

2.44% of the 577.23 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been oscillating by about 9,614.588 per day. In terms of ownership concentration, approximately 90.51% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter


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