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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $8,581.88, which means that since yesterday, it is up about 4.96%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an unclear trend, and is currently 0.61% above 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 $8,098.94 USD and an upper boundary at $8,960.33 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $151.71 billion US dollars, which is about 66.95% 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 slightly, as it has reported an average daily decline of -0.16% the past two weeks. A decline in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and as such, altcoins may constitute viable investment opportunities.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 345,048 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 2.59% over the past week. Bitcoin may end up functioning as a way to acquire goods or services if it does regularly increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.81 US dollars. The average transaction fee has been declining at a rate of about 22.89% per week, but the average amount of money sent in transactions, in US dollars, is down 12.58% week over week. When Bitcoin’s transaction fee and average transaction value are both in decline, the cause is typically the result of the exchange rate against the US dollar. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, rising about 0.21% per day. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to interpret; this could result in the chain’s security being a point to bear in mind. From this perspective, this behavior may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

There are 577.66 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.44% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in an unclear trend, bouncing about 10,909.02 per day over the past two weeks. Over 90.32% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter

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