Bitcoin is down about 2.15% from the previous day, putting its price at $9,781.71 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 9.01% 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 $10,750.27 is somewhat close, it may mean that a climb up to the 20 day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,591.99 and $11,908.56. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $174.14 billion US dollars, which is about 64.25% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been gradually moving down, reporting an average daily decline of -0.1% over the past 14 days. A decline in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.
Update on Transactions and Hash Rate
336,536 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 dropped by about 6.16%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a form of savings if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.67 US dollars. The average transaction fee has been falling at a rate of about 7.22% per week, but the average amount of money sent in transactions, in US dollars, is down 5.99% week over week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been gaining daily by a rate of approximately 0.18%. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to understand. From this perspective, this behavior may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.
What are the Richest Hodlers Doing?
There are 549.35 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.74% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in a downtrend, dropping about 98,815.29 per day over the past two weeks. Over 90.83% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.
Article by SixJupiter