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Bitcoin Breaks Out of its Consolidation Phase, Falling 14% to Around $8,500

After weeks of trading around the $10,000 mark, Bitcoin has broken in a decrease, sinking to below $8,400 with a 14% dip.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $8,542.54, which means that since yesterday, it is down about 14%. This is now the 4th straight day that Bitcoin has headed down, and the coin’s prevailing trend over the past 14 days is down. Since it is somewhat far below relative to its 20-day average price of $10,172.32, prospective buyers may wish to wait for this gap to shorten a bit before jumping in. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $9,253.17 USD and an upper boundary at $11,091.48 USD. Its market capitalization currently is estimated to be around $153.05 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.8%. It should be noted, though, that Bitcoin’s dominance has been slightly moving down, reporting an average daily decline of 0.23% over the past 14 days. A decline in dominance may suggest a growing opportunity for investing in other coins, and thus multiple cryptocurrencies may end up succeeding.

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Daily Engagement and Hash Rate Metrics Update

353,263 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have risen by about 4.37% over the past week. 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. Yesterday, Bitcoin’s average fee per transaction came in at $1.1. Transaction fees have been increasing by approximately 3.14% per week, while the average transaction size is up 23.19% in US dollars. Ultimately, we might conclude that Bitcoin is usable for a growing number of use cases because the rise in fees is coupled with substantially faster growth in transaction fees relative to transaction size. 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 0.65%. Ultimately, the security of Bitcoin is becoming harder to break, because the hash rate trend is upwards — which implies the trend in mining strength is now more intensive. From this perspective, this behaviour may provide Bitcoin with the ability to draw more capital to its chain.

How Active are Bitcoin’s Richest Wallets?

2.48% of the 571.73 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in an uptrend, leaping about 16,529.4 per day over the past two weeks. Over 90.36% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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