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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is down about 0.3% from the previous day, putting its price at $10,341.21 US dollars at the time of this writing. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 1.77% above its 20 day moving average, and over the past two weeks, price has been in an an unclear trend. 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 $9,542.72 USD and an upper boundary at $10,780.42 USD. The currency’s market cap is now at $185.35 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 69.44%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead oscillating between between 68.95% and 70.84%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Update on Transactions and Hash Rate

299,894 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain dropped by approximately 4.8% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.72 US dollars. Transaction fees have been falling by approximately 5.68% per week, while the average transaction size is down 7.88% in US dollars. The decline in Bitcoin’s transaction fee is welcome, but the decline in average transaction value may hinder the narrative of Bitcoin as a currency for large transactions. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.84%. Ultimately, the security of Bitcoin is improving, because the hash rate trend is upwards — which implies the trend in mining strength is now more intensive. This may help Bitcoin earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

Over the past 30 days, 2.45% of the 567.99 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 falling by about 14,493.52 per day. Over 90.39% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter


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