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Bitcoin Price Update

Bitcoin is down about 3.44% from the previous day, putting its price at $9,222.23 US dollars at the time of this writing. This is the 2nd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is up. Since it is somewhat far above relative to its 20 day average price of $8,369.326, as such, dip buyers may need to wait a bit more for an opportunity. 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 $7,010.77 USD and an upper boundary at $9,727.89 USD. Its market capitalization currently is estimated to be around $168.99 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 67.33%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slowly, as it has reported an average daily upward move of 0.18% the past two weeks. A upward move in dominance may suggest the case for altcoins is getting weaker, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Daily Engagement and Hash Rate Metrics Update

256,253 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain declined by approximately 0.61% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a money to protect against political turmoil. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.25 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 18.56% in US dollars; meanwhile, the fee for sending transactions has been growing by 46.39% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, gaining about 0.25% per day. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear — which implies the trend in mining strength is now more uncertain in a way. As such, this might not enable Bitcoin to attract more high value transactions.

Article by SixJupiter

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