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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $8,244.09, which means that since yesterday, it is down about 0.99%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a down trend, and is currently 11.95% below its 20 day moving average; staying above this level may be critical to sustain 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 $7,527.97 and $11,198.68 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $148.64 billion US dollars, which is about 67.51% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.23% and 68.8%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.

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Update on Transactions and Hash Rate

326,557 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have dropped by about 4.12% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.2 US dollars. The average transaction fee has been falling at a rate of about 4.41% per week, but the average amount of money sent in transactions, in US dollars, is down 39.15% week over week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around , ultimately growing daily by approximately 0.25%. 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. This may not help Bitcoin earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.48% of the 574.71 million Bitcoin wallets holding a balance reported a transaction. In terms of engagement, note that the number of monthly active users in Bitcoin has been moving by about 6,087.455 per day. The top 1% of Bitcoin wallets hold over 90.3% of the outstanding Bitcoin.

Article by SixJupiter

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