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Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $7,868.31 US dollars, down approximately 3.35% from the day prior. 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 11.73% below 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 $7,638.93 USD and an upper boundary at $10,188.56 USD. The currency’s market cap is now at $141.36 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 66.53%. It should be noted, though, that Bitcoin’s dominance has been slowly moving down, reporting an average daily decline of 0.17% over the past 14 days. A decline in dominance may suggest the case for altcoins is getting stronger, and thus multiple cryptocurrencies may end up succeeding.

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Straight Off the Chain

277,613 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have declined by about 0.25% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of value. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.47 US dollars. Transaction fees have been falling by approximately 4.22% per week, while the average transaction size is down 42.24% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around , ultimately rising daily by approximately 0.19%. 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 harder to understand. From this perspective, this behavior may not provide Bitcoin with the ability to draw more capital to its chain.

How Active are Bitcoin’s Richest Wallets?

Over the past 30 days, 2.44% of the 576.15 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in an unclear trend, oscillating about 6,459.005 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.39% of the outstanding Bitcoin.

Article by SixJupiter

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