August 7, 2019: After Peaking its Head Above $12,000, Bitcoin Falls Back to Near $11,500

Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $11,546.12 US dollars, up approximately 0.69% from the day prior. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 11.34%% above its 20 day moving average, and over the past two weeks, price has been in an an up trend. Given that its distance from its 20 day moving average of $10,370.54 is somewhat far, it may mean that as such, dip buyers may need to wait a bit more for an opportunity. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $8,785.4 and $11,955.68. Its market capitalization currently is estimated to be around $204.88 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 67.92%. It should be noted, though, that Bitcoin’s dominance has been slightly moving up, reporting an average daily gain of 0.41% over the past 14 days. A gain in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and so Bitcoin may end up being “the one currency” to rule them all.

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

Daily Engagement and Hash Rate Metrics Update

368,348 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain risen by approximately 9.68% this past week; to wit, the trend is clear at this time. Bitcoin may end up functioning as a way to acquire goods or services 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. Transaction fees have been decreasing by approximately 5.32% per week, while the average transaction size is down 23.99% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.5%. Ultimately, the security of Bitcoin is growing stronger, because the hash rate trend is upwards — which implies mining is now more intensive. From this perspective, this behavior may provide Bitcoin with the ability to earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

There are 553.72 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.56% 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 94,073.73 per day over the past two weeks. In terms of ownership concentration, approximately 90.65% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

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