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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is down about 0.82% from the previous day, putting its price at $8,296.34 US dollars at the time of this writing. This is the 3rd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is unclear. It is currently 0.07% above its 20 day moving average of $8,290.344, which is close; staying above the 20 day moving average may be important in terms of sustaining short-term momentum. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $7,825.21 and $8,755.48 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $149.55 billion US dollars, which is about 66.32% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending down slightly, averaging a drop of -0.12% each day over the past two weeks. A drop in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 279,487 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have grown by about 0.21% over the past week. If Bitcoin does repeatedly grow transactions, it may need to derive its value as a way to acquire goods or services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.57 US dollars. Transaction fees have been decreasing by approximately 21.21% per week, while the average transaction size is up 3.02% in US dollars. 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 0.19%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to understand; this could result in the chain’s security being something to pay attention to. As such, this might not enable Bitcoin to draw more capital to its chain.

What are the Richest Hodlers Doing?

2.39% of the 578.71 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in a downtrend, moving about 20,830 per day over the past two weeks. In terms of ownership concentration, approximately 90.33% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

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