August 6, 2019: Bitcoin Jumps for the Second Straight Day, Rising 4.08% to Pass $12,000

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $12,289.42, which means that since yesterday, it is up about 4.08%. This is the 2nd consecutive day that Bitcoin has moved up, and the coin’s trend over the past two weeks is up. Since it is somewhat far above relative to its 20 day average price of $10,322.11, as such, dip buyers may need to wait a bit more for an opportunity. 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 $8,605.18 and $12,039.04 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $218.05 billion US dollars, which is about 68.3% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been slowly moving up, reporting an average daily rise of 0.32% over the past 14 days. A rise in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and so Bitcoin may end up being “the one currency” to rule them all.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 339,136 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 8.24%, 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 currency for transactions if it does repeatedly 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 $1.46 US dollars. The average transaction fee has been decreasing at a rate of about 5.32% per week, but the average amount of money sent in transactions, in US dollars, is down 24.8% week over week. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30 day basis, growing about 0.53% per day. A trend in hash rate that is upwards suggests that mining is becoming more competitive, and that the chain is thus improving. As such, this might enable Bitcoin to attract more high value transactions.

How Active are Bitcoin’s Richest Wallets?

2.53% of the 553.3 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in a downtrend, dropping about 110,404 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.66% of the outstanding Bitcoin.

Article by SixJupiter

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