How Did Bitcoin’s Price Fare Yesterday?
At the time of this writing, Bitcoin’s price is $10,076.66 US dollars, up approximately 3.02% from the day prior. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 5.43% below its 20 day moving average, and is currently in an unclear trend over the past 14 days. Given that its distance from its 20 day moving average of $10,655.02 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 $9,668.27 and $11,641.77. Its market capitalization currently is estimated to be around $179.3 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 64.43%. It should be noted, though, that Bitcoin’s dominance has been slowly moving down, reporting an average daily fall of -0.13% over the past 14 days. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and as such, altcoins may constitute viable investment opportunities.
Daily Engagement and Hash Rate Metrics Update
Yesterday, the Bitcoin blockchain saw 319,612 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain fallen by approximately -2.76% this past week, though it should be noted the trend is not 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. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.67 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 27.41% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 7.22% 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 growing daily by approximately 0.2%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies mining is now more uncertain in a way. This may not help Bitcoin earn greater trust from developers and investors alike.
Bitcoin’s Wealth Concentration and Activity
2.71% of the 549.75 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 105,562.1 per day. In terms of ownership concentration, approximately 90.83% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.
Article by SixJupiter