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How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $9,768.36, which means that since yesterday, it is up about 1.57%. This is now the 3rd straight day that Bitcoin has headed up, but the coin’s prevailing trend over the past 14 days is down. It is currently 3.94% below its 20 day moving average of $10,169.03, which is close; climbing above the 20 day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,415.62 and $10,922.43. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $174.75 billion US dollars, which is about 69.23% of the market capitalization of all cryptocurrencies. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slightly, as it has reported an average daily gain of 0.1% the past two weeks. A gain in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and so Bitcoin may end up being “the one currency” to rule them all.

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Daily Engagement and Hash Rate Metrics Update

285,468 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain risen by approximately 3.6% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does consistently grow transactions, it may need to derive its value as a way to acquire goods or services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.67 US dollars. Transaction fees have been falling by approximately 32.83% per week, while the average transaction size is up 4.86% 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 0.18%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way, and that the chain is thus being a point to bear in mind. From this perspective, this behavior may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

Over the past 30 days, 2.49% of the 563.04 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in an uptrend, stepping about 14,002.06 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.44% of the outstanding Bitcoin.

Article by SixJupiter

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