Bitcoin Down 1.08%, Remains Just Shy of Both $10,000 and its 20 Day Average

Bitcoin Price Update

Bitcoin is down about 1.08% from the previous day, putting its price at $9,980.42 US dollars at the time of this writing. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 2.2%% below its 20 day moving average, and over the past two weeks, price has been in an a down trend. Given that its distance from its 20 day moving average of $10,204.7 is close, it may mean that climbing above the 20 day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $9,385.32 and $11,024.08. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $177.98 billion US dollars, which is about 64.82% of the market capitalization of all cryptocurrencies. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily drop of -0.13% the past two weeks. A drop in dominance may suggest a growing opportunity for investing in other coins, and as such, altcoins may constitute viable investment opportunities.

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Daily Engagement and Hash Rate Metrics Update

361,337 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 jumped by about 3.63%, 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 way to acquire goods or services if it does regularly 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 $1.75 US dollars. Transaction fees have been declining by approximately 26.3% per week, while the average transaction size is up 7.06% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around , ultimately rising daily by approximately 0.25%. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret, and that the chain is thus being a point to bear in mind. This may not help Bitcoin draw more capital to its chain.

How Active are Bitcoin’s Richest Wallets?

There are 551.45 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.59% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in a downtrend, heading about 139,811.5 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.81% of the outstanding Bitcoin.

Article by SixJupiter

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