July 24, 2019: Bitcoin Falls for the 4th Day in a Row, Landing Below $10,000

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 1.62% from the previous day, putting its price at $9,694.09 US dollars at the time of this writing. This marks the 4th day in a row that Bitcoin has been down, and the coin is trending down. As price is currently somewhat far below its 20 day average price of $10,951.49, we may interpret that to mean prospective buyers may wish to wait for this gap to shorten a bit before jumping in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,512.85 and $12,390.13. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $172.98 billion US dollars, which is about 64.89% of the market capitalization of all cryptocurrencies. As for the recent behavior, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 64.89% and 66.32%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 320,352 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have dropped by about -5.83% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of value. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.76 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 14.86% in US dollars; meanwhile, the fee for sending transactions has been declining by 16.47% per week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately gaining daily by approximately 0.28%. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear — which implies mining is now harder to understand. This may not help Bitcoin draw more capital to its chain.

What are the Richest Hodlers Doing?

There are 548.61 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.8% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been falling by about 82,034.16 per day. The top 1% of Bitcoin wallets hold over 90.84% of the outstanding Bitcoin.

Article by SixJupiter

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