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Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is up about 4.87% from the previous day, putting its price at $8,245.82 US dollars at the time of this writing. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 5.2% below its 20 day moving average, and over the past two weeks, price has been in an an unclear trend. 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 $8,271.02 and $9,125.03 (in US dollars). Its market capitalization currently is estimated to be around $146.67 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.3%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily drop of -0.23% 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 336,354 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 0.16% over the past week. Ultimately, if the currency does repeatedly succeed in growing transactions on its chain, its primary utility may be as a way to acquire goods or services. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.68 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 33.08% in US dollars; meanwhile, the fee for sending transactions has been declining by 22.09% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, gaining about 0.23% per day. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret, and that the chain is thus being something to pay attention to. This may not help Bitcoin attract more high value transactions.

Bitcoin’s Wealth Concentration and Activity

2.46% of the 576.9 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 oscillating by about 6,083.203 per day. In terms of ownership concentration, approximately 90.29% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter


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