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Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $10,558.69 US dollars, up approximately 0.64% from the day prior. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an up trend, and is currently 3.95% above its 20 day moving average; staying above this level may be critical to sustain 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 $9,251.15 and $11,064.06 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $181.83 billion US dollars, which is about 69.56% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been slightly moving up, reporting an average daily gain of 0.23% over the past 14 days. A gain in dominance may suggest the case for altcoins is getting weaker, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Daily Engagement and Hash Rate Metrics Update

288,507 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have risen by about 1.49%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does repeatedly 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 $0.88 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 28.16% in US dollars; meanwhile, the fee for sending transactions has been rising by 7.9% per week. In other words, transaction sizes are growing substantially faster than transaction fees are, so the rise in fees may be very encouraging; Bitcoin may be usable for a growing number of use cases. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately growing daily by approximately 0.51%. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more intensive; this could result in the chain’s security becoming harder to break. This may help Bitcoin draw more capital to its chain.

How Active are Bitcoin’s Richest Wallets?

2.44% of the 565.68 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been falling by about 22,247.62 per day. The top 1% of Bitcoin wallets hold over 90.45% of the outstanding Bitcoin.

Article by SixJupiter

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