July 31, 2019: Bitcoin Up 1.84%, Reversal From Day Prior

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $9,771.94, which means that since yesterday, it is up about 1.84%. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 4.89%% below its 20 day moving average, and over the past two weeks, price has been in an an unclear trend. At the moment, it’s about 4.89% below its 20 day average price of $10,273.82, which is close; climbing above the 20 day moving average may help foster bullish 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 $9,428.15 and $11,119.49 (in US dollars). Its market capitalization currently is estimated to be around $174.06 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 64.33%. Bitcoin’s dominance has been trending down slightly, averaging a decline of -0.17% each day over the past two weeks. A decline in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and thus multiple cryptocurrencies may end up succeeding.

Want to trade Bitcoin? Consider the following brokers: Binance, CoinDirect, WCX

Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 328,375 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain fallen by approximately -0.76% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a form of savings if it does not increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.14 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 7.67% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 28.13% per 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 growing daily by rate of approximately 0.31%. Ultimately, the security of Bitcoin is being a point to bear in mind, because the hash rate trend is unclear — which implies mining is now harder to understand. From this perspective, this behavior may not provide Bitcoin with the ability to draw more capital to its chain.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.6% of the 551.06 million Bitcoin wallets holding a balance reported a transaction. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been stepping by about 136,798.6 per day. In terms of ownership concentration, approximately 90.81% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

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