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Bitcoin Barely Remains Above $10,000, as its Dominance Continues to Fall

After a bearish weekend, Bitcoin has fallen below the $10,000 mark. Currently, the token is struggling to hold it’s value and dominance.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $10,036.98, which means that since yesterday, it is up about 0.49%. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 2.63% below its 20-day moving average, and is currently in an unclear trend over the past 14 days. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two week trading range in US dollars is between $10,068.53 and $10,547.99. The currency’s market cap is now at $177.73 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.83%. 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 fall of -0.32% the past two weeks. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and so a world with many viable competing coins may be what we are headed towards.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 318,713 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain grown by approximately 8.24% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a way to acquire goods or services if it does consistently 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 $0.7 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 9.61% in US dollars; meanwhile, the fee for sending transactions has been declining by 4.61% per week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately gaining daily by approximately 0.77%. A trend in hash rate that upwards suggests that mining is becoming more computationally difficult and that the chain is thus growing stronger. As such, this might enable Bitcoin to earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

Over the past 30 days, 2.46% of the 571 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in an uptrend, climbing about 25,517.45 per day over the past two weeks. In terms of ownership concentration, approximately 90.38% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter