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Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $10,109.46 US dollars, down approximately 0.59% from the day prior. This is now the 2nd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is up. It is currently 0.15% below its 20 day moving average of $10,125.02, which is close; climbing above the 20 day moving average may help foster bullish 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 $9,236.61 USD and an upper boundary at $11,013.43 USD. The currency’s market cap is now at $180.23 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 69.35%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up gradually, as it has reported an average daily upward move of 0.14% the past two weeks. A upward move in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 339,858 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have declined by about 2.55% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as a form of savings. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.06 US dollars. Transaction fees have been growing by approximately 17.8% per week, while the average transaction size is up 41.41% in US dollars. It should be noted that the rise in fees could mean the currency is usable for a growing number of use cases, as growth in transaction sizes is substantially faster relative to growth in transaction fees. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately gaining daily by approximately 0.61%. A trend in hash rate that is upwards suggests that mining is becoming more competitive, and that the chain is thus growing stronger. From this perspective, this behavior may provide Bitcoin with the ability to earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.46% of the 566.41 million Bitcoin wallets holding a balance reported a transaction. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been dropping by about 30,827.08 per day. In terms of ownership concentration, approximately 90.4% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

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