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Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $7,862.65, which means that since yesterday, it is down about 0.07%. This marks the 2nd day in a row that Bitcoin has been down, and the coin is trending down. Since it is somewhat far below relative to its 20 day average price of $8,795.798, prospective buyers may wish to wait for this gap to shorten a bit before jumping in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $7,841.57 and $9,750.02. The currency’s market cap is now at $148.15 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 66.46%. It should be noted, though, that Bitcoin’s dominance has been gradually moving down, reporting an average daily decline of 0.21% over the past 14 days. A decline in dominance may suggest a growing opportunity for investing in other coins, and as such, altcoins may constitute viable investment opportunities.

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Straight Off the Chain

328,803 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have declined by about 0.5%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a form of savings if it does not increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $0.47. Transaction fees have been decreasing by approximately 4.22% per week, while the average transaction size is down 44.96% 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 0.15%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being something to pay attention to. From this perspective, this behavior may not provide Bitcoin with the ability to attract more high value transactions.

How Active are Bitcoin’s Richest Wallets?

2.44% of the 576.49 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been bouncing by about 768.6813 per day. Over 90.35% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter


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