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Bitcoin breaks its downtrend, rallying back above $10,000

After days of dipping values, Bitcoin has finally broken its downturned streak to see a price tag of above $10000.

Written by SixJupiter Published on

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $10,401.35 US dollars, up approximately 4.05% from the day prior. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 3.82% below its 20-day moving average, and is currently in a downtrend over the past 14 days. At the moment, it’s about 3.82% below its 20-day average price of $10,814, which is close; 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 $9,339.59 and $12,288.42 (in US dollars). The currency’s market cap is now at $185.97 billion US dollars, and itsAfter  market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.64%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead of oscillating between 66.15% and 69.3%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 323,625 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have declined by about 4.08%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.51 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 6.73% in US dollars; meanwhile, the fee for sending transactions has been growing by 17.59% per week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been growing daily by a rate of approximately 0.56%. A trend in hash rate that upwards suggests that mining is becoming more intensive and that the chain is thus improving. This may help Bitcoin draw more capital to its chain.

What are the Richest Hodlers Doing?

There are 557.4 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.53% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in an unclear trend, oscillating about 2,595.646 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.61% of the outstanding Bitcoin.

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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