How Did Bitcoin’s Price Fare Yesterday?
Bitcoin is up about 3.28% from the previous day, putting its price at $10,092.65 US dollars at the time of this writing. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a down trend, and is currently 8.18% below its 20 day moving average; staying above this level may be critical to sustain short-term momentum. Given that its distance from its 20 day moving average of $10,991.4 is somewhat close, it may mean that a climb up to the 20 day moving average may be needed before momentum buyers come in. 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 $9,737.13 and $12,245.67 (in US dollars). The currency’s market cap is now at $179.77 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 64.55%. As for the recent behavior, Bitcoin’s dominance level hasn’t exhibited a clear trend, but rather has fluctuated between 64.55% and 66.32%. 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”.
Straight Off the Chain
295,589 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain dropped by approximately -7.46% this past week; to wit, the trend is clear at this time. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of value. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.62 US dollars. The average transaction fee has been falling at a rate of about 13.8% per week, but the average amount of money sent in transactions, in US dollars, is down 7% week over week. A fall in transaction fees greater than that of transaction sizes may be one factor that enhances Bitcoin’s usage as a currency for payment. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, rising about 0.28% per day. 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 something to keep an eye on. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.
What are the Richest Hodlers Doing?
Over the past 30 days, 2.77% of the 548.97 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in a downtrend, sinking about 91,737.66 per day over the past two weeks. Over 90.71% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.
Article by SixJupiter