July 22, 2019: Bitcoin Falls Slightly Again, Down 1.18% From Day Prior

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $10,556.16 US dollars, down approximately 1.18% from the day prior. This is the 2nd consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. As price is currently close below its 20 day average price of $11,085.11, we may interpret that to mean 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 $9,397.66 and $12,772.55 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $188.59 billion US dollars, which is about 65.14% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily rise of 0.19% over the past 14 days. A rise in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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

Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 283,934 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain fallen by approximately -4.03% this past week; to wit, the trend is clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. Yesterday, Bitcoin’s average fee per transaction came in at $1.66. The size of the typical transaction on Bitcoin’s blockchain is down 12.75% in US dollars; meanwhile, the fee for sending transactions has been declining by 17.12% 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 rising daily by approximately 0.3%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being a point to bear in mind. This may not help Bitcoin attract more high value transactions.

Bitcoin’s Wealth Concentration and Activity

2.86% of the 547.92 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been heading by about 55,555.3 per day. The top 1% of Bitcoin wallets hold over 90.72% of the outstanding Bitcoin.

Article by SixJupiter

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2019-07-21: Bitcoin Down Slightly, Falling 0.72%

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $10,682.41, which means that since yesterday, it is down about 0.72%. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 4.04% below its 20 day moving average, and is currently in a down trend over the past 14 days. Given that its distance from its 20 day moving average of $11,132.26 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 $9,385.57 and $12,878.94. The currency’s market cap is now at $190.61 billion US dollars, and it’s market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 65.13%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up gradually, as it has reported an average daily rise of 0.3% the past two weeks. A rise in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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

Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 323,002 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted we should note that transactions have dropped by about -3.61% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as a money to protect against political turmoil. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $2.48 US dollars. The average transaction fee has been decreasing at a rate of about 17.04% per week, but the average amount of money sent in transactions, in US dollars, is down 8.54% week over 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 gaining daily by approximately 0.35%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being a point to bear in mind. As such, this might not enable Bitcoin to draw more capital to its chain.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.88% of the 547.63 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in a downtrend, heading about 46,190.72 per day over the past two weeks. Over 90.78% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter

2019-07-20: Bitcoin Down 0.63%

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 0.63% from the previous day, putting its price at $10,574.77 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 4.93%% below its 20 day moving average, and over the past two weeks, price has been in an a down trend. It is now approximately 4.93% below its average price over the past 20 days of $11,122.9, which is close; 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 $9,089.38 and $13,156.43. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $188.42 billion US dollars, which is about 65.3% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily upward move of 0.37% over the past 14 days. A upward move 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.

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

Update on Transactions and Hash Rate

299,891 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain dropped by approximately -6.15% 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 money to protect against political turmoil. Yesterday, Bitcoin’s average fee per transaction came in at $2.3. The size of the typical transaction on Bitcoin’s blockchain is down 10.07% in US dollars; meanwhile, the fee for sending transactions has been falling by 19.32% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, growing about 0.43% per day. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being something to keep an eye on. From this perspective, this behavior may not provide Bitcoin with the ability to attract more high value transactions.

How Active are Bitcoin’s Richest Wallets?

There are 547.25 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.89% of those wallets have received or sent Bitcoin in the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been dropping by about 38,594.91 per day. In terms of ownership concentration, approximately 90.76% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

Bitcoin Up 8.84%; 2nd Straight Up Day

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $10,642.1, which means that since yesterday, it is up about 8.84%. This is now the 2nd straight day that Bitcoin has headed up, but the coin’s prevailing trend over the past 14 days is down. As price is currently close below its 20 day average price of $11,121.72, we may interpret that to mean 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 $9,470.26 and $12,773.18. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $186.23 billion US dollars, which is about 65.74% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending up slowly, averaging a rise of 0.44% each day over the past two weeks. A rise in dominance may suggest the case for altcoins is getting weaker, 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

Yesterday, the Bitcoin blockchain saw 315,745 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain fallen by approximately -4.31% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $2.3 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 11.93% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 19.32% 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 gaining daily by approximately 0.51%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to interpret; this could result in the chain’s security being something to keep an eye on. From this perspective, this behavior may not provide Bitcoin with the ability to attract more high value transactions.

Bitcoin’s Wealth Concentration and Activity

2.92% of the 546.88 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 stepping by about 30,656.57 per day. Over 90.86% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.