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Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $10,362.5 US dollars, down approximately 0.03% 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 unclear. As price is currently close above its 20 day average price of $10,162.34, we may interpret that to mean staying above the 20 day moving average may be important in terms of sustaining short-term momentum. 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 $9,676.59 and $10,648.09 (in US dollars). The currency’s market cap is now at $184.93 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 69.14%. As for the recent behavior, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 69.14% and 70.84%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.

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Daily Engagement and Hash Rate Metrics Update

274,146 transactions were recorded on the Bitcoin blockchain yesterday. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have declined by about 5.54%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a money to protect against political turmoil. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.72 US dollars. Transaction fees have been decreasing by approximately 5.68% per week, while the average transaction size is down 12.98% in US dollars. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been growing daily by a rate of approximately 0.88%. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more computationally difficult; this could result in the chain’s security improving. 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

There are 568.3 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.44% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in a downtrend, falling about 12,877.92 per day over the past two weeks. In terms of ownership concentration, approximately 90.42% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter


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